Morgan Stanley downgrades Jubilant Foodworks
Reuters Market Eye - Jubilant Foodworks (JUBI.NS) falls 2.1 percent after Morgan Stanley downgrades the stock to "equal-weight" from "overweight", following recent out-performance in the shares and an absence of near-term catalysts.
The investment bank says the Indian operator of Domino's Pizza will face increased competition in the delivery business from Pizza Hut.
Morgan Stanley also recommends investors book profits given Jubilant had surged 78 percent as of Friday's close compared with a 23 percent increase in the Nifty.
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Indian conglomerate Larsen & Toubro said on Monday revenue totalled 191.23 billion Indian rupees ($3.2 billion) in the first quarter, beating analyst forecasts, after a rise in orders from international clients. Full Article