JPMorgan Chase has retained its "overweight" rating for Reliance Industries, stating that the oil-to-telecom conglomerate's stock offers an attractive risk-reward to investors. Despite worries surrounding declining refining margins, the bank believes that the full benefits of the company's multi-billion-dollar capital shares will start being seen in FY25. The bank believes that the retail sector remains the most attractive for investors, but its growth is yet to be reflected in earnings. Disclosure is expected to further improve with the upcoming listing of Reliance Retail.