Citi raises Unitech to 'buy'

Agencies : Fri Oct 12 2012, 12:19 hrs

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Citigroup upgrades India's Unitech to 'buy' from 'neutral' and raises its target price to 38 rupees from 27 rupees.

Upgrades comes after Unitech and partner Telenor dissolve telecom joint venture Uninor, reaching a settlement on their longstanding dispute.

The removal of the overhang makes Unitech an attractive risk-reward stock, while valuations are also compelling, Citigroup says in a note dated on Friday.

Unitech is seeing steady sales and new launches, while execution is showing signs of improvement, Citigroup argues.

However, bringing debt levels further will be key, the bank adds.

Unitech shares up 0.2 percent as of 0636 GMT.

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