RIL shares upgraded by BofA-Merrill
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Mukesh Ambani-led companies RIL shares (Reliance Industries) were upgraded to "neutral" from "underperform" by Bank of America-Merrill Lynch citing increasing evidence of an improving refining outlook and an expected earnings growth recovery.
However, the investment bank said stronger gross refining margins and a re-rating of Reliance's exploration and production would be needed before the stock would merit an upgrade to a "buy" rating.
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