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    Reliance Industries shares fall amid market sell-off; here's why Morgan Stanley remains 'overweight'

    Reliance Industries shares fall amid market sell-off; here's why Morgan Stanley remains 'overweight'

    Reliance Industries shares fall amid market sell-off; here's why Morgan Stanley remains 'overweight'
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    By CNBCTV18.com  IST (Updated)

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    Reliance Industries Ltd (RIL) share price: Reliance shares slipped to as low as Rs 2,300 on Monday -- their lowest intraday level in eight weeks -- before recovering some of those losses. However, Morgan Stanley maintained an 'overweight' rating on the stock with a target price of Rs 2,926. Here's why.

    Reliance Industries Ltd (RIL) shares fell on Monday amid a market-wide sell-off, as investors globally remained concerned about the Russia-Ukraine tensions. On BSE, the RIL stock fell as much as 3.2 percent to Rs 2,300 apiece -- the lowest intraday recorded since December 21, 2021 -- before recovering some of those losses.
    Reliance shares finished the day at Rs 2,338.8 apiece, down 1.6 percent from their previous close.
    RIL's digital arm, Jio Platforms, announced the establishment of a joint venture — Jio Space Technology — with global satellite-based content connectivity solutions provider SES. The JV is aimed at delivering the next generation scalable and affordable broadband services in India leveraging statellite technology.
    Jio Platforms will own 51 percent in the JV and the remaining 49 percent will be with SES.

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    Here's what brokerages say on Reliance Industries:
    Morgan Stanley
    The brokerage maintained an 'overweight' rating on the stock with a target price of Rs 2,926. RIL had a strong operating quarter and should improve going forward given the trajectory of crude and gas prices, according to Morgan Stanley.
    The RIL stock offers the most attractive risk-reward in the India energy space, the brokerage said.
    JPMorgan
    The brokerage has a 'neutral' call on RIL with a target price of Rs 2,575.
    JPMorgan has highlighted Reliance's focus on hydrogen in the long term and chemicals in the near term.
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