Business Sentiment Survey
Asian businesses optimistic; sentiment in India falls
Asia's top companies have become more optimistic about their business outlook with the retail and shipping industries rebounding sharply in the second quarter of 2013, the latest Thomson Reuters/INSEAD Asia Business Sentiment Survey shows. Full Article
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MARKET EYE-Jefferies cuts India's Ashok Leyland to 'underperform'
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Rahul Gandhi
The Congress lawmaker and scion of the Nehru-Gandhi dynasty turns 43 on Wednesday. Slideshow
* Jefferies downgrades Ashok Leyland, India's second-biggest bus and truck maker, to "underperform" from "buy" and cuts its target price to 21.8 rupees from 30.2 rupees. * The brokerage says truck demand "continues to deteriorate", while demand from Southern India, a critical market for Ashok Leyland, hasn't recovered "to the extent expected." * Jefferies also cites Ashok Leyland's "stretched" balance sheet and "weak" cash flows. * The downgrade comes ahead of the company's October-December earnings on Thursday. * Shares in Ashok Leyland are down 1.3 percent at 26 rupees as of 0755 GMT. (abhishek.vishnoi@thomsonreuters.com /; abhishek.vishnoi.thomsonreuters.com@reuters.net)
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