Tuesday, 31 May 2016

ASIAN MARKET NEWS 1 June 2016

Brokerage house CLSA has downgraded its rating on Reliance Communications   to ‘sell’, citing huge debt and disappointing operational performance. It has slashed price target for the stock to Rs 43 from the previous target of Rs 79.

“Reliance Comm’s 4QFY16 operating Ebitda, down 16 percent YoY, was below our estimate due to a decline in voice revenues by 8 percent YoY and a jump in access costs,” said the CLSA note, adding, “We lower FY17-18(estimated) Ebitda by 3-4 percent to reflect the sub-par performance.” 




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