Maruti Suzuki - Downgrade to SELL - Kotak

We believe the stock price is factoring in a sharp recovery in volumes in FY2015 for Maruti Suzuki, which could be challenging considering high inflation and weak job market conditions. We are also concerned on low capacity utilization levels of the industry and strong competitor launches, which will restrict operating margin improvement.

We remain cautious on the stock and downgrade Maruti to SELL (from REDUCE earlier) with a revised target price of Rs. 1,475 (from Rs. 1,440 earlier).

Source : Equity Bulls

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