Morgan Stanley upgrades Reliance Industries
Mar 04 2013
Reliance's operating environment is improving across its core businesses, the investment bank says, adding it should spur a renewed earnings upgrade cycle.
Morgan Stanley also cites lagging share prices and a record low foreign portfolio ownership as reasons for the upgrade.
The bank also views Reliance's planned $5 billion capex for domestic exploration and production and its decision not to invest in 900Mhz telecom auctions as key positives.