* CLSA says underweight trade on Reliance Industries Ltd is over due to a combination of growth,benign consensus expectations,below-average valuations and buyback support. * The research house adds after five years of underperformance it's time to cut under-weight on the stock as government approvals lead to reserve upgrades,rise in production and higher gas price,while its $12 billion downstream expansion would be completed by FY16 leading to doubling of profits. * CLSA raised its target price on Reliance stock to 850 rupees from 790 rupees while maintaining its outperform rating. * At 12:41 p.m,shares in Reliance Industries were up 3 percent at 791.80 rupees.
