Hindustan Unilever shares: Nomura, Credit Suisse, Morgan Stanley cut rating
- IPL spot-fixing: Delhi court drops charges against S Sreesanth and two other cricketers
- Nitish Kumar gets back at Modi, accuses him for 'not honouring promises'
- Major decisions on revision of role of women in armed forces on the anvil: Manohar Parrikar
- Congress, TMC and BJD to seek total withdrawal of NDA's land bill
- Never sought travel documents for Lalit Modi, says Sushma Swaraj
A number of investment banks, including Credit Suisse and Nomura, cut their ratings on Hindustan Unilever Ltd, a day after India'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".
Morgan Stanley downgraded Hindustan Unilever Ltd to 'underweight' from 'equal-weight', citing disappointing October-December volume growth and the impact on earnings from its hike in royalty payments.
Morgan Stanley also cut its price target to 405 rupees from 510 rupees. A slew of other banks have also cut their ratings on Hindustan Unilever after its quarterly results on Tuesday.
Hindustan Unilever shares were down 5.3 percent as of 0348 GMT.
Company INFO More on Hindustan Lever Ltd
Mutual Funds Check for top funds