February 15, 2013 / 3:22 AM / 4 years ago

BofA-Merrill downgrades Dr Reddy's to 'neutral'

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A pharmacist gives free medicine provided by the government, to a patient inside a government hospital in Kolkata July 3, 2012.Rupak De Chowdhuri/Files

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

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