‘AI’ most underappreciated vertical in Reliance Industries: Morgan Stanley

Arguing that powering artificial intelligence (AI) remains the most underappreciated vertical at Reliance Industries (RIL), Morgan Stanley believes it is rapidly emerging as the next major value driver for Mukesh Ambani’s conglomerate, with the potential to reshape the stock’s equity story over the next decade.

In a fresh note, Morgan Stanley analysts, including Mayank Maheshwari, say recent comments from RIL’s chairman and policymakers “point to a runway of NAV creation as large as 15% of RIL’s NAV” from the AI infrastructure opportunity alone.