Ahead of the general elections slated to begin on April 7, Goldman Sachs upgraded India to 'overweight' from 'marketweight'.
"We roll our NIFTY 12-month target to 7,600 (14.8-times target P/E), which implies a 17% upside from current levels," the brokerage said in its report. "Corporate earnings downgrades seem to have bottomed out, with more signs of improvement in the investment cycle. We favor cyclicals over defensive sectors and highlight potential election beneficiaries," the brokerage added.
SAT adjourns hearing on RIL-Sebi case to April 16
The Securities Appellate Tribunaladjourned the hearing in the insider-trading case against Reliance Industries to April 16 as the company's senior counsel could not make it on Tuesday. Reliance has been fighting against Sebi in the insider-trading case and the regulator's exclusion of the company from the consent mechanism. Since Reliance senior counsel Janak Dwarkadas could not be present in the courtroom due to a medical emergency, thecompany sought adjournment, following which the tribunal agreed to hear the matter on April 16.
Sebi seeks clarity on Inox Winds R700-cr IPO
Sebi has sought fresh clarifications from Inox Wind regarding the power solutions provider's proposed R700-crore initial publicoffer. Without disclosing the details of the clarifications sought, Sebi has said that "clarifications (are) awaited from lead manager" for the proposed public issue. As per the latest weekly update to the processing status of draft offer documents filed with Sebi, the regulator has said clarifications were awaited on the proposed IPO of Inox Wind as on March 14.