Reuters Market Eye - Morgan Stanley upgrades Reliance Communications Ltd to "equal-weight" from "underweight," citing improving outlook for the telecoms sector due to higher tariffs, falling capex, and "more attractive" valuations.
However, Morgan Stanley warns a key risk remains in Reliance Communications' debt levels, estimating its net debt to EBITDA at around five times and calling it the highest in the industry.
Reliance Communications shares were up 0.8 percent.
(Reporting by Abhishek Vishnoi)