Corporate Updates

Reliance Comm’s price target gets cut by 26%

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Goldman Sachs cut its 12-month target price on India's Reliance Communications by 26 percent to 115 rupees, citing reduction in the company's core business value. “For RCOM, our EPS cuts reflect disappointing 3Q results, higher financial leverage and a lower base effect,” Goldman Sachs said in a note on Wednesday, while maintaining its “neutral” rating on the stock. At 9:47 a.m. (0417 GMT), shares in Reliance Communications were up 1.1 percent at 104.65 rupees, while the main stock index climbed 0.5 percent.

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