UBS remains bullish on India; upgrades IT, metals
Reuters Market Eye - UBS remains bullish on Indian shares, but says returns in 2013 would be front-loaded as first half would be supported by an easing rate cycle and on expectations of a "market-friendly" budget for FY14.
The investment bank turns 'neutral' on IT services stocks from 'overweight' earlier, as it increases weight on Infosys (INFY.NS) and adds Wipro WIPRO.NS to its model portfolio.
"Recent Infosys and TCS (TCS.NS) results may point towards some signs of a relief in offshore spending and an incrementally improved environment for Indian IT," UBS said in the report.
The bank turns 'neutral' on metals stocks from 'underweight' as it adds JSW Steel (JSTL.NS) and Tata Steel (TISC.NS) to its model portfolio, citing positive trends in steel prices and a pickup in construction activity.
UBS also increases weightage on Reliance Industries (RELI.NS) ahead of its December quarter earnings on Friday, thereby turning 'overweight' on the petrochemical sector from 'neutral' earlier.
(Reporting by Abhishek Vishnoi)
- Tweet this
- Share this
- Digg this
- Putin accuses United States of damaging world order
- UPDATE 4-P&G to exit Duracell battery business; quarterly sales dip
- Special Report: Why Madrid's poor fear Goldman Sachs and Blackstone
- UPDATE 7-Doctor with Ebola in New York stable; nurse is virus-free
- UPDATE 3-Ford's lower profit beats estimates; sales down on F-150 launch
The latest Reuters poll of 20 economists taken over the past week shows Asia's third-largest economy will likely grow 5.5 percent this fiscal year and 6.4 percent the next, slightly better than 5.3 percent and 6.3 percent expected in the July poll. Full Article
Kalki Koechlin on her role as a disabled girl in “Margarita, With a Straw” Full Article