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Morgan Stanley upgrades RIL, cites downstream expansion, telecom outlook

Reuters

MUMBAI (Reuters) - Morgan Stanley has upgrades Reliance Industries Ltd 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 percent over the fiscal years 2015 to 2018.

The investment bank has also raised the target price on the stock to 1,062 rupees from 922 rupees.

(Reportinh by Abhishek Vishnoi; Editing by Prateek Chatterjee)