Kotak cuts Godrej Consumer to 'reduce'

Reuters Market Eye - Kotak Institutional Equities downgrades Godrej Consumer Products Ltd to "reduce" from "add", citing disappointing margins in the fiscal year ended March 31, as well as "stretched" valuations.

However, Kotak raises its target price on the stock to 795 rupees from 760 as it rolls over its estimates to FY2014 earnings.

At 11:30 a.m., shares in Godrej Consumer were up 0.86 percent at 839.80 rupees.

(Reporting by Abhishek Vishnoi)