Reliance Industries shares surged 3% to ₹1,302.7 on Citi's upgrade to a "Buy" with a Rs 1,530 target. Citi cited improved refining margins and Jio's growth prospects. However, JP Morgan flagged concerns over weak retail growth.

Citi has upgraded its rating for Reliance Industries to "Buy" from "Neutral" and raised its target price to Rs 1,530 per share, citing an improved risk/reward outlook after a period of underperformance.

RIL has bounced back by 7% from its recent low of Rs 1,217 per share over the past two days, including today. However, the stock is still trading at a 19% discount from its all-time high of Rs 1,608.96.

Brokerage firm Citi has upgraded shares of Nifty 50 heavyweight Reliance Industries Ltd. to "buy" from its earlier rating of "neutral". It has also raised its price target to ₹1,530 on the stock.Citi's revised price target implies a potential upside of 21% from Friday's closing levels.