Morgan Stanley upgrades RIL, cites downstream expansion, telecom outlook

Expects earnings to grow 50% ver the fiscal years 2015 to 2018

Morgan Stanley has upgraded Reliance Industries to "overweight" from "underweight", citing confidence about the conglomerate's downstream projects and improving outlook for telecoms business.

Morgan Stanley said it expected earnings 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 rupees from Rs 922.