Deutsche cuts India's Bajaj Auto to 'hold' on demand outlook

MUMBAI Thu Jan 17, 2013 8:51am IST

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A statue of Ganesh, the deity of prosperity, is carried in a taxi to a place of worship on the first day of the ten-day-long Ganesh Chaturthi festival in Mumbai August 29, 2014. REUTERS/Danish Siddiqui

Ganesh Chaturthi Festival

During Ganesh Chaturthi idols will be taken through the streets in a procession accompanied by dancing and singing, and will be immersed in a river or the sea in accordance with Hindu faith.  Slideshow 

MUMBAI Jan 17 (Reuters) - Deutsche Bank downgraded India's Bajaj Auto to "hold" from "buy", saying current valuations already factor in the company's "strong" margin performance but do not account for the risks in an "uncertain" demand environment.

Bajaj Auto on Wednesday saw its prized profit margin slip in the quarter to December, despite hitting estimates with a 3 percent rise in quarterly earnings, as rising costs and a fall in exports crimped earnings. (Reporting by Rafael Nam and Abhishek Vishnoi; Editing by Subhranshu Sahu)

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