Morgan Stanley raises India’s Tata Global to ‘overweight’

Morgan Stanley upgrades Tata Global Beverages Ltd to "overweight" from "equal-weight".

Written by Reuters | Published: July 3, 2013 3:16 pm

Morgan Stanley upgrades Tata Global Beverages Ltd to “overweight” from “equal-weight” and raises its target price to 164 rupees from 143 rupees,citing cheap valuation and a cyclical uptrend in its international business.

The uptrend in the company’s international business coupled with ongoing efforts to improve operating efficiency and cost-management initiatives will drive 1.5 percent expansion in operating margin and 21 percent growth in profit for FY14,the investment bank said in a report on Tuesday. Tata Global is the cheapest stock in its coverage,it added. Shares in Tata Global were up 1.7 percent at 142.50 rupees at 0922 GMT.

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