Deutsche Bank upgrades Hindustan Unilever to 'buy'

Hindustan Unilever Ltd gains 0.8 percent after Deutsche Bank upgrades India's largest consumer goods maker to "buy" from "neutral" and raises its target price to 530 rupees from 500 rupees.

Deutsche cites the prospect of price increases in personal products after muted price hikes recently, while adding that the negative impact from the recent royalty payment increases has already been factored in.

Deutsche's upgrade comes after UBS upgraded Hindustan Unilever to "buy" from "neutral" last week, citing expectations of a "strong" business outlook and the prospect of rising volumes for its products.