Reliance Industries gains 3% after Morgan Stanley raises earnings forecast; remains overweight

reliance-industries

Shares of Reliance Industries jumped over 3 percent in early trade on September 24 after foreign brokerage house Morgan Stanley maintained overweight rating with a target at Rs 1,469 per share.

The brokerage believes that investor’s confidence is increasing in the earnings delivery, while lower taxes and cheaper gas feed costs should de-risk the outlook.

It sees an earnings CAGR of 17 percent over FY19-21 and raised earnings forecasts by 7 percent and 12 percent for FY20/F21.

At 0943 hrs, Reliance Industries was quoting at Rs 1,278.30, up Rs 39.65, or 3.20 percent on the BSE.

The share touched its 52-week high of Rs 1,413.75 and its 52-week low of Rs 1,017 on 02 May 2019 and 25 October 2018, respectively.

Currently, it is trading 9.69 percent below its 52-week high and 25.55 percent above its 52-week low.

news Source: moneycontrol

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