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Morgan Stanley upgrades India's Sterlite Industries to 'overweight'

Jan 11 2013, 12:30 IST
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SummaryShares in Sterlite Industries (India) Ltd shares rise 2 per cent to 117.90 rupees.

Shares in Sterlite Industries (India) Ltd rise 2 percent to 117.90 rupees after Morgan Stanley upgrades the stock to "overweight" from "neutral" and raises its target price to 142 rupees from 110.20 rupees.

The investment bank says Sterlite shares have been "cheap for a while," and adds group restructuring and minority consolidation, improving sentiment in power and aluminum, and a bottoming in China's economic outlook as the key reasons for the upgrade.

Morgan Stanley expects the merger of Sesa Goa Ltd and Sterlite to be concluded by the end of March, saying it will lift sentiment due to a simplified holding structure and healthier diversification.

The bank also sees an increased possibility that Sterlite may be able to exercise its call option on the government's remaining stakes in Hindustan Zinc Ltd and Bharat Aluminum Co Ltd.

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