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This is an archive article published on September 29, 2011

RBS upgrades Unitech stock to hold

RBS has upgraded Unitech stock to 'hold' from 'sell' and has reduced the target price to Rs 28 from Rs 30.

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RBS has upgraded Unitech stock to ‘hold’ from ‘sell’ and has reduced the target price to Rs 28 from Rs 30.

Unitech has underperformed the benchmark index by 38 percent to date leaving limited room for further downside,RBS said.

The Scottish bank has cut earnings estimates by 16 percent for FY12 and 8 percent for FY13.

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Unitech is still charged with being ineligible to receive a 2G licence,wireless woes and the size of its debt burden have been key overhangs on Unitech shares,

RBS added. At 11.28 a.m.,The stock was at 26.80 rupees,down 0.92 percent.

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