Morgan Stanley has overweight rating on Reliance Industries, with increased target at Rs 1,506 from Rs 1,280 as it feels energy earnings should exceed market expectations. Energy return on capital employed is set to rise 500 bps by FY20 to 15 percent, the brokerage house believes.
The stock was quoting at Rs 1,250.60, up Rs 68.00, or 5.75 percent after hitting a fresh 52-week high of Rs 1,251 on the BSE. Its market capitalisation crossed Rs 4 lakh crore mark.
Cadila Healthcare gained more than 2 percent after subsidiary Zydus Cadila received regulatory approvals to launch tetravalent inactivated influenza vaccine for seasonal flu in India.
The market opened flat with a negative bias on Monday, tracking weakness in Asian peers and fall in FMCG and private banks stocks. The 30-share Sensex was down 59.96 points at 28833.01 and the 50-share NSE Nifty fell 21.65 points to 8917.85.
ITC and Idea Cellular were biggest losers, down more than 2 percent followed by Maruti Suzuki, HDFC Bank, M&M, HDFC, BPCL and Bosch. Reliance Industries continued its run up, up more than 2 percent. GAIL, L&T, ONGC, Infosys, Aurobindo Pharma and Coal India were other gainers.
The Indian rupee gained in the early trade today . It has opened higher by 8 paise at 66.75 per dollar against Friday's close of 66.83.
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