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Markets | Outlook on consumer shares downgraded

Markets | Outlook on consumer shares downgraded
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First Published: Wed, Feb 03 2010. 11 55 PM IST
Updated: Wed, Feb 03 2010. 11 55 PM IST
Singapore: Indian consumer stocks were cut to cautious from in-line at Morgan Stanley, which cited rising competition and slowing revenue growth.
Higher marketing expenses, Hindustan Unilever Ltd’s bid to seek growth through market share and Procter and Gamble Co.’s increased investments in India are among key sources of pressure for the industry, Morgan Stanley analysts Hozefa Topiwalla and Girish Achhipalia wrote in a report on Wednesday. A potential rise in competitive pressures is likely to spill over into stock valuations, they said.
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First Published: Wed, Feb 03 2010. 11 55 PM IST