REUTERS>>-MORGAN STANLEY DOWNGRADES INDIA'S RELIANCE INDUSTRIES
<RELI.NS> TO UNDERWEIGHT, CUTS TARGET PRICE TO 650 RUPEES FROM
921 RUPEES
09:37 13Jan12 RTRS-MORGAN STANLEY DOWNGRADES BPCL
<BPCL.NS>, HPCL <HPCL.NS> ESSAR OIL <ESRO.NS> TO
UNDERWEIGHT
09:37 13Jan12 RTRS-MORGAN STANLEY RAISES PRICE TARGET FOR CAIRN INDIA <CAIL.NS> TO 413 RUPEES FROM 359 RUPEES
09:50 13Jan12 RTRS-Morgan Stanley downgrades Reliance to 'underweight'
MUMBAI, Jan 13 (Reuters) - Morgan Stanley has downgraded India's
Reliance Industries <RELI.NS> to 'underweight' from 'equalweight',
saying it expects the energy major's gross refining margins,
exploration and production volumes to fall.
The bank cut its price target for the company to 650 rupees from 921 rupees.
"We highlight that two of three Reliance's core divisions -- refining
and petrochemicals -- face near-term headwinds," it said in a note.
"We are downgrading our industry view (on oil and gas) to cautious from attractive," it said.
Morgan Stanley also downgraded oil marketing companies Hindustan
Petroleum Corp <HPCL.NS>, Bharat Petroleum Corp <BPCL.NS>
and Essar Oil <ESRO.NS> to 'underweight' from 'equalweight'. 