Gas Prices
India eyes narrow political window for unpopular gas price hike
The government could this week take the unpopular measure of raising gas prices for the first time in three years as it pushes a package of reforms aimed at giving industry a boost, reviving a spluttering economy and boosting LNG imports. Full Article
REUTERS SHOWCASE
Reviving Infra
Road building revival offers rare hope for India infrastructure overhaul. Full Article
Buy, Sell or Hold?
Confused while buying stocks? Get buy, sell or hold recommendations from VantageTrade. Full Coverage
Reuters India Mobile
Get the latest news on the go. Visit Reuters India on your mobile device. Full Coverage
Jefferies cuts Ashok Leyland to 'underperform'
Ashok Leyland Ltd Light Specialist (R) and Field Artillery Tractor vehicles are displayed at the fifth Land and Naval Systems Defence Expo 2008 in New Delhi February 18, 2008.
Credit: Reuters/B Mathur/Files
Reuters Market Eye - 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 2.7 percent at 26 rupees as of 2:52 p.m.
(Reporting by Abhishek Vishnoi)
- Tweet this
- Link this
- Share this
- Digg this
- Reprints
Follow Reuters