MUMBAI Bank of America-Merrill Lynch downgraded its rating on Dr. Reddy's Laboratories Ltd(REDY.NS) to "neutral" from "buy", saying "a slight" increase in core profit estimates was being offset by a fading U.S. drug pipeline and moderating growth.
"We expect multiples to be capped due to modest growth prospects," the investment bank said in an email to clients on Friday.
(Reporting by Abhishek Vishnoi; Editing by Anupama Dwivedi)
Trending On Reuters
India's economic growth picked up in July-September, outpacing China on improving domestic demand and manufacturing activity, and the acceleration could persuade the country's central bank to keep interest rates unchanged at its Tuesday meeting. Full Article