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JP Morgan upgrades RIL to 'overweight'

The control room of the Reliance Industries KG-D6 facility located in Andhra Pradesh is pictured in this undated handout photo. REUTERS/Reliance Industries/Handout

Reuters Market Eye - JP Morgan upgrades Reliance Industries (RELI.NS) to "overweight" from "neutral" and raises its target price to 1,000 rupees from 800, citing attractive long-term valuations.

"We remain positive on RIL's core business expansion strategy, and we expect resultant organic earnings growth to drive stock performance," says JP Morgan in a report on Tuesday.

The investment bank adds that company's September-quarter earnings came in line with consensus estimates, but with better petrochemical, refining performance and lower other income.

Reliance, which operates the world's biggest oil refining complex in western India, met analysts estimates with a 1.5 percent rise in net profit to 54.9 billion rupees in the three months to September 30.

The mean estimate of forecasts from 11 analysts surveyed by Thomson Reuters was 54.9 billion rupees.

(Reporting by Abhishek Vishnoi)