Shares of Nifty 50 heavyweight Reliance Industries Ltd . (RIL) were trading 1.5% higher on Thursday, November 20. The stock has risen in two out of the last four trading session.

Swiss investment bank UBS maintained its 'Buy' rating on the stock, with a target price of ₹1,820 per share.

In its latest note, the brokerage said that strong refining trends are expected to drive a recovery in Reliance's oil-to-chemical (O2C) earnings.

UBS mentioned that the Singapore benchmark margins are currently not reflecting the actual profitability of diesel-heavy refiners like Reliance.

The brokerage also said that Reliance's diversified crude sourcing strategy helps cushion the impact of geopolitical volatility on margins.

UBS expects O2C EBITDA to improve from ₹29,500 crore in the first half of

See Full Page