Morgan Stanley equalweight on Reliance Comm; shares up 1%

Shares of Reliance Communications gained 1 percent on Tuesday after the foreign research house Morgan Stanley upgraded the stock to equalweight from underweight, citing improving outlook for the telecoms sector due to higher tariffs, falling capex, and more attractive valuations.

However, the research firm warns a key risk remains in company's debt levels, estimating its net debt to EBITDA at around five times and calling it the highest in the industry.

Shares crashed 24 percent in past one month and tanked nearly 39 percent in last one year.

At 10:14 hours IST, the stock was up 0.96 percent to Rs 52.75 on Bombay Stock Exchange.

The share touched its 52-week high Rs 91.85 and 52-week low Rs 46.60 on 22 January, 2013 and 30 August, 2012, respectively.
 
Currently, it is trading 42.57% below its 52-week high and 13.2% above its 52-week low.

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