Citi raises Unitech to 'buy' after Telenor settlement

Citigroup upgrades Unitech to 'buy' from 'neutral' and raises its target price to Rs 38 from Rs 27.

Upgrades comes after Unitech and partner Telenor dissolve telecom joint venture Uninor, reaching a settlement on their longstanding dispute.

The removal of the overhang makes Unitech an "attractive risk-reward" stock, while valuations are also compelling, Citigroup says in a note dated on Friday.

Unitech is seeing steady sales and new launches, while execution is showing signs of improvement, Citigroup argues.

However, bringing debt levels further will be key, the bank adds. Unitech shares up 0.2 percent as of 12:06 p.m.

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