BofA-Merrill downgrades Dr Reddy's to 'neutral'
MUMBAI (Reuters) - 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)
- Tweet this
- Share this
- Digg this
- India passes halfway mark in election with BJP gaining strength
- UPDATE 2-Chipotle raising prices as steak, avocados, cheese costs rise
- Scientists find Earth-sized world in orbit friendly to life
- 'X-Men' director Bryan Singer accused of drugging, raping teen
- Search for Malaysia Airlines jet refocuses on drone scans of seafloor
Wipro posted a 29 percent rise in its fourth-quarter net profit, beating expectations, helped by increased IT spending by its customers. For the quarter ended March 31, the company said it earned 22.27 billion rupees compared with 17.29 billion rupees a year earlier. Full Article | Full Coverage
Ex-Goldman director Rajat Gupta to surrender June 17 in insider case. Full Article