U.S. Markets closed

HSBC upgrades Tata Comm, cites potential takeover of unit

Reuters Market Eye - HSBC upgrades Tata Communications (TATA.NS) to "overweight" from "neutral" and raises its target price to 233 rupees from 180 rupees, citing a potential takeover of unit Neotel.

South Africa's Vodacom Group (VODJ.J) said on Monday it was in exclusive talks to buy the Tata Communications' unlisted local unit, Neotel, in a potential $590 million deal.

Tata Communications' shares up 4.3 percent at 12:37 p.m.

(Reporting by Abhishek Vishnoi)