Reliance Industries (RIL) stock price is in focus as Morgan Stanley maintains an ‘overweight’ rating, with a target price of ₹1,606, implying a 28.85% upside from the current market price (CMP) of ₹1,246.40.
The brokerage highlights that after nine months of challenges, RIL’s earnings have entered a recovery phase, with refining and certain chemical segments showing improvement. Additionally, Asian chemical multiples have rebounded from lows, supporting valuations. Given this earnings turnaround and attractive valuations, Morgan Stanley continues to keep RIL as a top pick.
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