Citi has upgraded Reliance Industries to a 'Buy' rating, reflecting a favorable risk-reward scenario. Following this upgrade, Reliance Industries' shares rose by 3% to Rs 1,302.7 on the Bombay Stock Exchange (BSE). Citi also increased its target price for the stock to Rs 1,530. Meanwhile, Jefferies has also issued a 'Buy' rating for Reliance, setting a higher target price of Rs 1,700, indicating a potential upside of 32% from the previous closing levels. The positive sentiment around Reliance is further supported by expectations of improved Singapore Gross Refining Margins (GRM) and strong traction in Jio's home broadband subscriptions, which positions the company well for future 5G monetization. In addition to Reliance, JPMorgan has initiated coverage on several defense stocks, including Hindustan Aeronautics Limited (HAL) and Bharat Electronics Limited (BEL), with an 'Overweight' rating and target prices of Rs 2,200 and Rs 1,630, respectively. The defense sector is experiencing increased attention from investors following these upgrades.