JP Morgan has raised target price of Reliance Infrastructure (RInfra) to Rs 715 from Rs 575 and maintained its overweight rating. The company's key businesses are turning around, albeit gradually, the Wall Street bank said.
"However, severe cash flow problems in the electricity distribution business and leveraged loss-making infra SPVs (special purpose vehicles) have caused the stock to fall sharply (and rally recently) like its high-debt peers," it said. At 1:47 pm, the stock was up 1.56% at Rs 619.75.