Nomura upgrades Reliance on valuations, rupee impact

Nomura upgraded Reliance Industries to "buy" from "neutral" on Thursday, saying exploration and production risks have already been priced into share valuations, and adding a weak currency will help boost earnings.

The ongoing share buyback will also limit any downside potential on the stock, Nomura said, which also marginally reduced its target price to 860 rupees from Rs 870.

Reliance shares were up 1 per cent at Rs 723. The energy conglomerate reports its April-June earnings on Friday.

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