CLSA upgrades Reliance to buy after BP deal

Brokerage CLSA raised its rating on Reliance Industries to "buy" from "outperform" late on Monday.

Late on Monday, BP agreed to invest $7.2 billion in the Indian firm to explore for deepwater oil and gas.

"There remain several uncertainties -- the value of the deal, payment schedules and the impact on EPS -- but it nonetheless sets a medium term benchmark for Reliance's E&P value," analysts Somshankar Sinha and Vikash Kumar Jain said in a note.

At 9.37am (0407 GMT) shares in Reliance were up 4.1%, while the main stock index dropped 0.9%.