BackMorgan Stanley upgrades RIL, cites downstream expansion
Morgan Stanley said it expected earnings to grow 50% over the fiscal years 2015 to 2018
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Mumbai: Shares of Reliance Industries Ltd (RIL) rallied as much as 2.6% in early trade on Tuesday after Morgan Stanley upgraded RIL to “overweight" from “underweight", citing confidence about the conglomerate’s downstream projects and improving outlook for telecom business.
Morgan Stanley said it now expected earnings of Reliance Industries to grow 50% over the fiscal years 2015 to 2018.
The investment bank has also raised the target price on the stock to ₹ 1,062 from ₹ 922.
RIL shares were trading 2.18% higher at ₹ 828 apiece at 12.25pm on BSE on Tuesday, while the benchmark Sensex was trading 0.40% higher at 28,088.39. Reuters
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