Morgan Stanley maintained its overweight rating on Reliance Industries with the target price maintained at Rs 1,803.

The stock is the top pick among the analysts at the brokerage house.

They said the energy security policies and tighter refining markets are the reasons keeping product spreads structurally stronger for longer.

The company’s oil to chemicals earnings was supported despite higher logistics costs.

And RIL is well placed on heavy and sour crude processing and diversified sourcing.