IDFC gains; Morgan Stanley upgrades to overweight

Shares in IDFC Ltd gain 3.7 percent after Morgan Stanley upgrades the stock to

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"overweight" from "underweight" and raises its target price to 175 rupees from 115 rupees.

The investment bank cites potential benefits after RBI Governor Raghuram Rajan hinted at the possibility of exempting banks from liquidity ratio norms when raising debt for infrastructure.

Morgan Stanley also says IDFC's under-performance recently may be unjustified given its "good management, strong balance sheet, and diversified financial presence."

IDFC is up 26.8 percent in 2014, lagging 35.9 percent gains in the Bank Nifty over the same period.

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