Reuters Market Eye - Kotak institutional Equities upgrades Reliance Industries to "add" from "reduce" and raises its target price to 870 rupees from 855 rupees citing inexpensive valuations.
The brokerage says it expects Reliance to benefit from the recent improvement in global refining and petchem margins.
Kotak also says it expects an upward revision in domestic gas prices in the near term, as the Indian Cabinet will take a decision on the oil ministry's recommendations of higher gas prices by the end of June 2013.
Reliance shares ended up 1.4 percent.
(Reporting by Abhishek Vishnoi)
