Morgan Stanley upgrades Reliance Infra to 'overweight'

Morgan Stanley upgrades Reliance Infrastructure  to "overweight" from "equal weight" and raised its target price to Rs 576 from Rs 489, citing favourable risk reward as price-to-book valuation multiples are at all-time lows.

"While there are no imminent earning triggers, the focus will be on delivery and improving fundamentals of the ADAG group," says Morgan Stanley in a report.

The investment bank adds that the recent deal between Reliance Communications and Reliance Industries 's telecom unit Reliance Jio Infocomm may improve investors sentiment around Reliance Infra.

Earlier this month, Anil Ambani-controlled Reliance Communications, and brother Mukesh Ambani-controlled Reliance Industries signed a pact which would allow Reliance Jio to use the fibre optic network of Reliance Communications, signalling the first sign of thaw in relation between the estranged brothers.

At 12:38 p.m., Reliance Infra shares are down 1 percent.

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