Citi upgrades RIL share rating to 'Buy', says it may rise 21%

Brokerage firm Citi has upgraded rating of Reliance Industries (RIL) shares to 'Buy' from 'Neutral'. It has also raised its price target for the shares to ₹1,530, implying an upside potential of around 21% from the stock's previous closing price. Citi expects an improvement in refining margins, citing China's diminishing export competitiveness as a key factor.