Brokerage firm Morgan Stanley has given an 'overweight' rating for Reliance Industries, stating that the company’s co-lead in India's hydrogen alliance points will increase emphasis on energy transition.

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Morgan Stanley has set a price target of Rs 2,252 for the stock.

The brokerage firm added that this was key to the company’s next leg of investments and multiple re-rating in the medium-term.

On Tuesday (April 6), many global energy firms, led by Reliance Industries and US-based engineering company Chart Industries, came together to form a new energy transition coalition — India H2 Alliance (IH2A). The aim of the coalition is to help commercialise hydrogen technologies to build net-zero carbon energy pathways in India, a statement from the coalition said.

The coalition will work to build the hydrogen economy and supply chain in India. It will also help develop blue and green hydrogen production and storage. The coalition’s focus will be on industrial clusters, especially for steel, refineries, fertilizers, cement, ports and logistics. This apart, the coalition will also establish standards for storing and transporting hydrogen in pressurized and liquefied form.

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