Wall Street opens slightly lower as oil falls
U.S. stocks opened slightly lower on Tuesday as weak oil prices weighed on energy stocks amid fading hopes of a deal to limit oversupply.
Reuters Market Eye - Shares in United Spirits(UNSP.NS) gain 3.3 percent after Nomura upgraded the stock to 'buy' from 'neutral' and raised its target price to 2,200 rupees from 675 rupees, advocating a structural re-rating after a deal with Diageo PLC (DGE.L).
The investment bank says that selling off treasury shares and preferential issue of shares to Diageo will bring in 33 billion rupees in the company which will help to pay debt and improve profitability.
"Despite the fact that the stock is up about 30 percent since the deal announcement on November 9, we believe investors should now buy UNSP as part of their core holding in Indian consumer stocks," Nomura said in a report.
Indian shares closed at their lowest in nearly a month on Tuesday as a slump in European shares offset earlier gains after investors awarded the first U.S. presidential debate to Hillary Clinton over Donald Trump.
MUMBAI Economic Affairs Secretary Shaktikanta Das said the new six-member Monetary Policy Committee, which will set interest rates, will meet before the Reserve Bank of India's (RBI) policy review on Oct. 4 and give their recommendations.