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

Shares of Reliance Industries (RIL) jumped another 2% on Tuesday, extending a 6% surge from last week's record low level, as investors await the company's Annual General Meeting (AGM) scheduled on Friday.

Morgan Stanley, meanwhile, issued a bullish note, still seeing 38% upside potential in the stock.Reliance Industries (RIL) shares jumped to Rs 1,333.40 apiece on NSE on Tuesday.

The recent surge in the shares of the Mukesh Ambani-led company added more than Rs 1 lakh crore to its total market capitalisation since the stock hit a 52-week low of Rs 1,253.20 apiece on June 11.Morgan Stanley on Reliance Industries share priceMorgan Stanley maintained its 'Overweight' rating on the shares of Reliance Industries, with a target price of Rs 1,803 apiece.

The international brokerage in its note released on Monday said that energy security policies and tighter refining markets should keep product spreads structurally stronger for longer, supporting Oil to Chemicals' (O2C) earnings despite higher logistics costs.“We think Reliance remains well positioned given its ability to process heavy and sour crude grades, access cheaper feedstocks and maintain one of the most diversified crude sourcing portfolios globally.

We also see the chemical cycle recovering, with advantaged feedstocks through US ethane and captive naphtha supporting a 6-8% uplift to earnings this year,” Morgan Stanley said.Beyond O2C, the international brokerage highlighted that Monetisation 4.0 is underway as solar modules and cell manufacturing, and energy storage manufacturing ramp up, and the company begins monetising investments, which it believes is not fully reflected in valuations.

Reliance's AI monetisation and AI datacenter investments also remain a "show me" story for investors, according to Morgan Stanley.“RIL is trading at 1.1x EV/IC and is trading at a 68% discount compared to domestic peers across all verticals, similar to its position in 2018 before recording significant outperformance,” it added.Also read: US-Iran peace deal!

Reliance Industries, ONGC; which other oil & gas stocks will emerge as top winners and losers?Reliance Industries AGMReliance Industries is set to hold its 49th Annual General Meeting (AGM) on June 19 (Friday) as investors await updates on the group's growth plans, the much-awaited Jio Platforms IPO, retail expansion strategy and progress in its new energy business.The meeting will be conducted through video conferencing and other audio-visual means, continuing the format adopted by the company in recent years.

The AGM remains one of the most closely watched corporate events in India as it often serves as a platform for major business announcements from Reliance and its subsidiaries.The AGM address by Chairman Mukesh Ambani is expected to be the key highlight, with updates from senior leadership across businesses, including telecom, retail and new energy.Also read: RIL AGM 2026 this week!

Date, time, where to watch live and what to expectReliance Industries share priceReliance Industries shares have gained around 5% in one week but are down around 16% in 2026 so far.

The stock tumbled more than 7% in one year, but gained over 3% in three years and 20% in five years.The company currently has a market cap of more than Rs 18 lakh crore.Also read: Stocks to buy in 2026 for long term(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own.

These do not represent the views of The Economic Times) ...