MUMBAI A number of investment banks, including Credit Suisse and Nomura, cut their ratings on Hindustan Unilever Ltd (HLL.NS), a day after the country's largest consumer goods maker disappointed investors with slower-than-expected volume growth and a hike in royalty payments.
Credit Suisse cut its rating on Hindustan Unilever to "neutral", while domestic brokerage IDFC downgraded it to "underperformer".
CLSA cut the company to "sell" from "outperform," while Nomura cut its rating to "reduce" from "neutral".
(Reporting by Abhishek Vishnoi and Manoj Dharra; Editing by Prateek Chatterjee)
Trending On Reuters
India's gold buying in the key December quarter is likely to fall to the lowest level in eight years, hurt by poor investment demand and back-to-back droughts that have slashed earnings for the country's millions of farmers. Full Article