Reliance gains; Barclays upgrades

Written by Reuters | Updated: Oct 8 2014, 15:51pm hrs
Reliance Industries gains 0.5 percent. Barclays upgrades to "overweight" from "equal weight". Says expects earnings to more than double in the subsequent five years starting second half of FY16. Adds valuations reasonable relative to history and global peers. Reliance trades at 10.7 times of 1-year forward earnings.