RIL shares jump 6% in 3 days, market cap soars by Rs 1 lakh cr ahead of AGM. Why Morgan Stanley still sees 38% upside

Reliance Industries shares rose 6% in three days, adding over Rs 1 lakh crore to its market cap (now ~Rs 18 lakh crore) as the stock rebounded from a 52-week low of Rs 1,253.20 hit on June 11. Morgan Stanley maintained an 'Overweight' rating with a Rs 1,803 target price, implying 38% upside, citing structurally stronger refining margins, O2C earnings support, and the underappreciated Monetisation 4.0 opportunity in solar, energy storage, and AI. The upcoming 49th AGM on June 19 is expected to address growth plans, the potential Jio Platforms IPO, retail expansion, and new energy progress.