Motilal Oswal cuts RIL's rating, ups price target

Motilal Oswal Financial Services cut its rating on Reliance Industries to ‘neutral’ from ‘buy’ citing limited upside for the stock. The brokerage raised its price target on the stock to Rs 1,457 from Rs 1,426 based on 2020-21 estimated earnings as against the earlier forecasts for December 2020. Reliance shares, which accounted for almost 25 per cent of the Sensex’s recent rally from 28,000 to 39,000, shed nearly 1.1 per cent to close at Rs 1,373.80 on Wednesday.