Morgan Stanley upgrades Reliance Industries to "equal-weight" from "underweight", maintaining its target price at Rs 703, citing attractive valuations.
Despite Morgan Stanley's "unconstructive" view on Reliance's core business, bank says Reliance is trading at multi-year lows, making its valuations "compelling."
The energy conglomerate's ongoing buyback programme is also gaining momentum, Morgan Stanley says, seeing little downside for the stock.
Reliance Industries hit its lowest intraday level since March 2009 on May 16. Shares in Reliance Industries last up 0.1% at Rs 702.
