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Apr 09, 2013 at 09:42am IST

Morgan Stanley upgrades Reliance Communications to 'overweight'

Mumbai: Morgan Stanley upgrades Reliance Communications Ltd to "overweight" from "equal-weight" on the back of the company's Rs 12 billion fiber optic network sharing deal with the telecom unit of Reliance Industries Ltd.

The investment bank raises its fiscal 2014 earnings estimates for Reliance Comm by 125 per cent as a result of the deal and says additional deals could cut net debt by Rs 77 billion.

"We see attractive valuation with limited downside," Morgan Stanley says in a report dated April 8.

Morgan Stanley upgrades Reliance Comm to 'overweight'

The investment bank raised its fiscal 2014 earnings estimates for Reliance Comm by 125 pc as a result of the company's Rs 12 bn deal.

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