Shares in Reliance Industries rallied after Morgan Stanley upgraded the stock to "overweight" from "underweight" citing better prospects in the telecom space and confidence over upstream investments. The stock was trading higher by 2.44 per cent at Rs 830.50.

Gas pricing issues have bogged down sentiments in the stock. However, the company's huge cash pile and its foray into the telecom space make the company's prospects more interesting one.

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