CLSA upgrades Reliance to buy after BP deal
Late on Monday, BP agreed to invest $7.2 billion in the Indian firm to explore for deepwater oil and gas.
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%.