Citi downgrades IVRCL to 'sell'

Citigroup says midcap construction sector still faces "headwinds," citing "slower decision making, high rates and execution delays."

Bank recommends investors wait for better macro, asset sales or deleveraging "to get constructive."

Citigroup downgrades IVRCL to "sell" to "buy" and cut its target price to Rs 45  from Rs 48, citing lower margins, increased interest costs, and funding requirements.

However, Citi upgrades NCC to "buy" from "sell" while maintaining its target price at Rs 53, saying the recent share price correction reflects "most" of the risks facing the company.

Shares in IVRCL are down 0.5% to Rs 51.70, while NCC shares are up 1.6% at Rs 40.50.