MARKET EYE-Nomura cuts Bajaj Auto to 'neutral' on valuations

Mon Dec 17, 2012 9:27am IST

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* Nomura downgraded Bajaj Auto to 'neutral' from
'buy', saying the Indian auto maker's valuations of 15.5 times
fiscal 2014 earnings have priced in expectations of improving
market share.
* The downgrade comes even as Nomura says it still believes
Bajaj Auto can continue to beat market leader Hero MotoCorp
 over the next few months.
* Bajaj Auto has gained 30.8 percent so far this year versus a
25 percent gain in the BSE index and a fall of 2.2
percent in Hero MotoCorp.

 (abhishek.vishnoi@thomsonreuters.com /;
abhishek.vishnoi.reuters.com@reuters.net)
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