Shares of Reliance Industries (RIL) jumped another 2% on Tuesday, extending a 6% surge from last week's record low level, as investors await the company's Annual General Meeting (AGM) scheduled on Friday.
Morgan Stanley, meanwhile, issued a bullish note, still seeing 38% upside potential in the stock.Reliance Industries (RIL) shares jumped to Rs 1,333.40 apiece on NSE on Tuesday.
The recent surge in the shares of the Mukesh Ambani-led company added more than Rs 1 lakh crore to its total market capitalisation since the stock hit a 52-week low of Rs 1,253.20 apiece on June 11.Morgan Stanley on Reliance Industries share priceMorgan Stanley maintained its 'Overweight' rating on the shares of Reliance Industries, with a target price of Rs 1,803 apiece.
The international brokerage in its note released on Monday said that energy security policies and tighter refining markets should keep product spreads structurally stronger for longer, supporting Oil to Chemicals' (O2C) earnings despite higher logistics costs.“We think Reliance remains well positioned given its ability to process heavy and sour crude grades, access cheaper feedstocks and maintain one of the most diversified crude sourcing portfolios globally.
