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Jul 19, 2012, 11.50 AM IST
Nomura upgraded Reliance Industries to "buy" from "neutral" on Thursday, saying exploration and production risks have already been priced into share valuations, and adding a weak currency will help boost earnings.
The ongoing share buyback will also limit any downside potential on the stock, Nomura said, which also marginally reduced its target price to Rs 860 from Rs 870. Reliance shares were up 1% at Rs 723. The energy conglomerate reports its April-June earnings on Friday.
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