April 9, 2013 / 3:47 AM / 5 years ago

Morgan Stanley upgrades Reliance Comm to 'overweight'

A shareholder fills a form before the Reliance Communications annual general meeting in Mumbai September 22, 2009. REUTERS/Arko Datta/Files

Reuters Market Eye - Morgan Stanley upgrades Reliance Communications Ltd (RLCM.NS) to “overweight” from “equal-weight” on the back of the company’s 12 billion rupee fibre optic network sharing deal with the telecom unit of Reliance Industries Ltd (RELI.NS).

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

“We see attractive valuation with limited downside,” Morgan Stanley says in a reported dated April 8.

Reporting by Manoj Dharra

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