JP Morgan upgrades RIL to 'overweight'

Cites long term valuations

JP Morgan upgraded Reliance Industries to "overweight" from "neutral" and raised its target price to Rs 1,000 from Rs 800, citing attractive long-term valuations.

"We remain positive on RIL's core business expansion strategy, and we expect resultant organic earnings growth to drive stock performance," says JP Morgan in a report on Tuesday.

The investment bank adds that company's September-quarter earnings came in line with consensus estimates, but with better petrochemical, refining performance and lower other income.

Reliance, which operates the world's biggest oil refining complex in western India, met analysts estimates with a 1.5% rise in net profit to Rs 5,490 crore in the three months to September 30.