Citi downgrades Essar Oil to neutral
Quotes

Citi downgrades Essar Oil to neutral

Last Updated: Wednesday, February 22, 2012, 11:46
 
 Comment 0
 
Citi downgrades Essar Oil to neutral
Mumbai: Citigroup has downgraded Indian refiner Essar Oil to 'neutral' from 'buy' and slashed its earnings per share forecast, saying there is heightened risk caused by a court ruling on tax liability.

"We cut our EPS sharply, from Rs 11.78 to Rs 1.03 for FY13, to account for ceasing of sales tax benefit and lower gross refining margin assumptions," the US bank said in a note. It also cut its target price to Rs 69 from Rs 120. At 10:13 a.m., Essar shares were down 0.3 percent at Rs 68.15.

Bureau Report



First Published: Wednesday, February 22, 2012, 11:46


Comments


comments powered by Disqus
Renault Kwid
Renault Kwid
Tata GenX Nano
Tata GenX Nano
2015 Indian Roadmaster
2015 Indian Roadmaster
Forbes 2015 Rich List
Forbes 2015 Rich List
Audi TT Coupé
Audi TT Coupé

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved