BackMorgan Stanley cuts RIL to ‘underweight’
1 min read
08 Oct 2012, 05:34 PM IST
Lack of near-term triggers, expectations for weaker refining margins and valuation cited as main reasons
Premium(Priyanka Parashar/Mint)
Mumbai: Morgan Stanley cut its rating on Reliance Industries Ltd (RIL) to “underweight" from ‘equal-weight´, citing lack of near-term triggers, expectations for weaker refining margins and valuation.
The investment bank also cited concerns about RIL’s investments into businesses that offer “low" return-on-equity, as well as a subdued outlook on petrochemicals in a noted on Monday.
Morgan Stanley cut its price target on the stock to ₹ 703 from ₹ 742. RIL shares were down 1.2% to ₹ 847.20 as of 9.36am.
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Published: 08 Oct 2012, 10:05 AM IST
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