Nomura upgrades India's Maruti to buy

Newswire

NEW DELHI, Feb 1 (Reuters) - Nomura has upgraded Maruti Suzuki , India's top car maker, to "buy" from "reduce" and increased its price target on the stock to 1,505 rupees. "We believe the worst is over in terms of margins and expect earnings should now grow in line with volumes," the brokerage said in a research note. Maruti is 54.2 percent owned by Japan's Suzuki Motor Corp . Nomura said Maruti stock had declined by 20 percent in the past three months, compared with an 8 percent fall ...

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