Drug Safety Settlement
Daiichi Sankyo says it was misled over Ranbaxy U.S. probes
Japanese drugmaker Daiichi Sankyo Co, which bought control of Ranbaxy Laboratories in 2008, said it believes unnamed former shareholders of the company hid information regarding U.S. regulatory probes into Ranbaxy. Full Article
REUTERS SHOWCASE
Buy, Sell or Hold?
Confused while buying stocks? Get buy, sell or hold recommendations from VantageTrade. Full Coverage
Reuters India Mobile
Get the latest news on the go. Visit Reuters India on your mobile device. Full Coverage
Sensex to hit record high in 2013: Morgan Stanley
Track Markets: BSE Sectoral Indices
Track and analyse performance of all BSE sectoral indices and other global indices on a single page. Full Coverage
People walk past a bronze replica of a bull at the Bombay Stock Exchange (BSE) building in Mumbai November 3, 2008.
Credit: Reuters/Punit Paranjpe/Files
Reuters Market Eye - Morgan Stanley sets a new target for the BSE Sensex at 23,069 points by the end of December 2013, implying an index trading at 14.9 times estimated 2014 earnings.
The target would surpass the index's record high of 21,206.77 points hit on January 10, 2008.
"Conditions for a new bull market are getting slowly satisfied. The yield curve has stopped flattening, liquidity is improving, valuations appear supportive and profit margin expansion is a growing possibility in the coming months," the investment bank says in a note dated on Monday.
Morgan Stanley expects domestic earnings growth of 10 percent in fiscal 2013 and of 19 percent in fiscal 2014.
Morgan Stanley says cyclicals are "ultra cheap," and prefers "quality" cyclicals over defensives.
As a result, the investment bank goes "underweight" consumer staples in its model portfolio, while raising energy and materials to "overweight" and taking industrials to "neutral."
Morgan Staley also cuts technology exposure in its portfolio by 100 bps.
- Tweet this
- Link this
- Share this
- Digg this
- Reprints
Follow Reuters