Morgan Stanley upgrades RIL, cites downstream expansion
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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 Rs.1,062 from Rs.922.
RIL shares were trading 2.18% higher at Rs.828 apiece at 12.25pm on BSE on Tuesday, while the benchmark Sensex was trading 0.40% higher at 28,088.39.
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HSBC said on Tuesday its Chief Executive Noel Quinn will retire - a surprise departure by its hard-nosed leader of five years who has overseen a sweeping series of asset sales across the globe.
The bank said it has launched a formal process to find a successor.
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