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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BofA Merrill upgrades Exide to 'buy'; shares gain

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Tue Feb 12, 2013 1:22pm IST

Reuters Market Eye - Exide Industries Ltd (EXID.NS) shares gain 1 percent after Bank of America Merrill Lynch upgrades the stock to "buy" from "underperform," given expectations of an "an imminent increase in pricing power in automotive batteries."

BofA Merrill also raises Exide's target price to 160 rupees from 122 rupees earlier.

The investment bank says an expected hike in battery prices also supported by capacity constraint at Exide rival Amara Raja Batteries Ltd (AMAR.NS) and the rising costs of lead, among other factors. Exide Industries will raise prices for replacement auto batteries by 5-6 percent due to rising input costs, a company source with direct knowledge of the matter told Reuters on Friday.

(Reporting by Abhishek Vishnoi)
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