Brokerages Bullish on Reliance, Ambuja, United Spirits; Cautious on Tata Motors

• Morgan Stanley gives Overweight rating to Reliance Industries, target ₹1,803, citing benefits from oil/chemical supply reduction.
• HSBC and Jefferies recommend buying Ambuja Cements due to better plant utilization and profit potential.
• Nomura advises buying United Spirits, expecting gains from Karnataka's new market-driven liquor pricing.
• Jefferies positive on Max Financial, anticipating capital raising to strengthen finances and growth opportunities.
• Morgan Stanley cautious on Tata Motors (Jaguar phase-out, weak sales); neutral on Lupin despite minor US regulator observations.