Drug Safety Settlement

A Ranbaxy office building is pictured in the northern Indian city of Mohali May 14, 2013. Indian generic drugmaker Ranbaxy Laboratories Ltd pleaded guilty on Monday to felony charges related to drug safety and will pay $500 million in civil and criminal fines under the settlement agreement with the U.S. Department of Justice. The settlement is its largest-ever with a generic drugmaker over drug safety, according to the U.S. government. It includes $150 million in payments for a criminal fine and forfeiture and $350 million in payments for civil claims. REUTERS/Ajay Verma (INDIA - Tags: HEALTH BUSINESS)

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MARKET EYE-Hero MotoCorp to underperform Sensex - Morgan Stanley

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Fri Jan 18, 2013 12:24pm IST 

* Morgan Stanley says Hero MotoCorp's shares will fall
relative to India's benchmark index over the next 60
days on the back of "disappointing" Q3 earnings.
* India's largest motorcycle maker missed estimates for the
fourth straight quarter as net profit fell 20.4 percent on
rising costs and falling sales that battered margins.
 
* The investment bank maintains its 'underweight' rating on the
stock, while reducing its earnings estimates by 5 percent for
FY13, and 3 percent for FY14, saying that the decline in Hero's
margins is more structural than cyclical.
* "Most of the miss came at the operating level and was
attributed to lower gross margins of new launches (Maestro and
Ignitor) and increased sales promotion costs," Morgan Stanley
said in the report.
* Hero MotoCorp has fallen 4.3 percent in 2013 as of Thursday's
close, compared with a 2.8 percent rise in India's benchmark
index in the same period.

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