BoA Merrill Lynch upgrades RIL citing improvement in refining business
Following Morgan Stanley's footsteps, Bank of America Merrill Lynch also upgraded Reliance Industries Ltd (RIL) on expectations of an improvement in its refining business.
Citing evidence that RIL's refining is improving, Bank of America Merrill Lynch on Monday upgraded RIL from `underperform' to `neutral'.
Refining is RIL's biggest business, accounting for roughly three-fourth of the company's total revenue.
The global investment bank hiked its target price on RIL stock by 9 per cent to Rs 893 a share. The investment bank added that the company's earnings growth was likely to recover in financial year 2014-15.
On Friday, RIL stock gained more than 1.8 per cent to close at Rs 851 a share on the Bombay Stock Exchange (BSE).
A few days back, investment bank Morgan Stanley had raised its target price on RIL citing expectations of an improvement in its refining business.
Meanwhile, Bank of America Merrill Lynch and the Taiwan Stock Exchange (TSE) are preparing to host an annual conference in Taiwan to provide investors with information on the market outlook.
The "Taiwan, Technology and Beyond Conference," which is scheduled to take place from March 12 to 14 at Taipei-based Far Eastern Plaza Hotel, will also provide investors with an opportunity to meet with representatives of key technology firms. Representatives of 152 firms and more than 300 investors are expected to attend the conference.