Bank of America-Merrill Lynch cuts Reliance Industries to "underperform" from "neutral" and reduces its target price to Rs 710 from Rs 760 rupees.
Downgrade comes after partner Niko Resources announced lowered reserve estimates for their KG D6 block. As per I/B/E/S data, Reliance Industries now has 6 "underperform" compared to 24 "buy/outperform" and 11 "hold" ratings.
Technical traders also cite bearish evening Doji star candlestick pattern, say falls towards 673-650 possible in the near-term". Reliance Industries shares down 1.4% at Rs 708.45.
Higher prices of foodstuff such as cereals and vegetables continue to put pressure on India's overall inflation rate, the Reserve Bank of India (RBI) said Monday.
Reserve Bank today kept the key interest rates unchanged citing elevated food inflation, rupee depreciation and uncertainty over foreign fund inflows
KTS announced a 10.50 per cent hike in bus fares to mop up an additional Rs 186.72 crore annually.
The rupee on Friday strengthened by 35 paise to 57.63 against the dollar in early trade.
Growth in India is projected to rise to 5.7 percent in the 2013 fiscal year and firm to 6.5 percent and 6.7 percent in FY2014 and FY2015, respectively
Chidambaram announced that the government plans to announce more reforms.
Falling for the third straight month, retail inflation stood at 9.31 per cent in May due to easing of prices of edible oil and protein-based items.