Don’t miss the latest developments in business and finance.

Nomura upgrades RIL on valuations, rupee impact

The ongoing share buyback will also limit any downside potential on the stock, Nomura said

Image
Reuters Mumbai
Last Updated : Jan 21 2013 | 8:29 AM IST

Nomura upgraded Reliance Industries to "buy" from "neutral" on Thursday, saying exploration and production risks have already been priced into share valuations, and adding a weak currency will help boost earnings.

The ongoing share buyback will also limit any downside potential on the stock, Nomura said, which also marginally reduced its target price to 860 rupees from Rs 870.

Reliance shares were up 1 percent at Rs 723. The energy conglomerate reports its April-June earnings on Friday.

 

More From This Section

First Published: Jul 19 2012 | 11:35 AM IST

Next Story