JP Morgan sees RIL at Rs 3170 in a year; upgrades stock to overweight

The brokerage firm cites a positive earnings revision cycle ahead, given the strong refining and gas environment, for the ratings upgrade.

JP Morgan has upgraded its stance on Reliance Industries Limited (RIL) to overweight from neutral and sees the stock at Rs 3,170 levels in a year – up 21 per cent from the current levels. RIL, according to the brokerage, is among the few large companies in India with a positive earnings revision cycle ahead, given the strong refining and gas environment.

"Our upgrade to overweight is driven by: a) global view of a strong refining environment though we build in a decline in product