Reuters Market Eye - Nomura downgraded Bajaj Auto (BAJA.NS) to 'neutral' from 'buy', saying the Indian auto maker's valuations of 15.5 times fiscal 2014 earnings have priced in expectations of improving market share.
The downgrade comes even as Nomura says it still believes Bajaj Auto can continue to beat market leader Hero MotoCorp (HROM.NS) over the next few months.
Bajaj Auto has gained 30.8 percent so far this year versus a 25 percent gain in the BSE Sensex and a fall of 2.2 percent in Hero MotoCorp.
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India has signed a pact with Boeing Co for purchasing four maritime spy planes at an estimated $1 billion, defence and industry sources said, aiming to bolster the navy as it tries to check China's presence in the Indian Ocean. Full Article