Bosch shares gain over 4 per cent, UBS upgrades to ‘buy’

Bosch shares surged over 4 per cent intraday on Monday after UBS upgraded the stock to "buy" from "sell" citing over 40 per cent correction in stock price in the past one year was a reason for upgrade.

Written by FE News Desk

February 22, 2016 14:18 IST

BSE Sensex, NSE Nifty, Stock markets today, arvind ltd

Arvind Ltd shares soared over 10 per cent intraday on Tuesday after the company informed bourses about its decision to raise about Rs 740 crore by diluting 10 per cent stake in its brand business arm, pegging its enterprise value at Rs 8,000 crore. (Photo: PTI)

Bosch shares surged over 4 per cent intraday on Monday after UBS upgraded the stock to “buy” from “sell” citing over 40 per cent correction in stock price in the past one year was a reason for upgrade.

At 2.00 pm, shares of Bosch were trading 4 per cent up at Rs 17,422. The scrip opened at Rs 16,800 and has touched a high and low of Rs 17,475 and Rs 16,800, respectively, in trade so far. Sensex was trading 0.53 per cent, or 126 points, up at 23,835.32.

However, UBS has cut the target price for Bosch shares to Rs 20,000 from Rs 22,500 earlier.

According to UBS, Indian govt’s move to significantly accelerate emission reduction rules bodes well for company and expects exhaust gas treatment solutions to emerge as a new revenue stream for Bosch.

(With inputs from Reuters)

This article was first uploaded on February twenty-two, twenty sixteen, at eighteen minutes past two in the afternoon.