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Reliance Industries stock gets 'buy' rating

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Agencies

Posted: Sep 07, 2010 at 1440 hrs IST

Mumbai ICICI Securities said on Tuesday it had upgraded Indian energy major Reliance Industries to 'buy' from 'hold', citing reasonable valuations and as most negatives were priced in.

The company has been making some aggressive moves recently to takeover other companies that may offer chance of quick advancement and strategic fit.

Given the underperformance and the recent correction, valuations are reasonable and further exploration success and improving global economy could offer upside to our 1,041 rupees/share target price, the brokerage said in a note.

At 2:11 p.m. (0841 GMT), shares in Reliance were up 1 percent at 963.10 rupees, while the main stock index was up 0.3 percent.

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