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JP Morgan sees RIL at Rs 3170 in a year; upgrades stock to overweight

The brokerage firm cites a positive earnings revision cycle ahead, given the strong refining and gas environment, for the ratings upgrade.

Reliance Industries
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Reliance Industries

Puneet Wadhwa New Delhi
JP Morgan has upgraded its stance on Reliance Industries Limited (RIL) to overweight from neutral and sees the stock at Rs 3,170 levels in a year – up 21 per cent from the current levels. RIL, according to the brokerage, is among the few large companies in India with a positive earnings revision cycle ahead, given the strong refining and gas environment.

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"Our upgrade to overweight is driven by: a) global view of a strong refining environment though we build in a decline in product

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