Citi upgrades IDFC to ‘buy’

Citi has upgraded Infrastructure Development Finance to ‘buy’ from ‘sell’ as the recent correction in the stock price has made the valuations attractive. The company’s capital market businesses have been a drag on earnings and profitability,Citi said in a note.

The brokerage cut the price target of the stock to Rs 174 from Rs 186. The company’s consolidated profit rose 19.3 per cent to Rs 3.21 billion during Oct-Dec quarter,compared with Rs 2.69 billion,a year ago. At 10:58 a.m.,shares were up 0.46 per cent at Rs 141.75.