Reuters Market Eye - Barclays upgrades Dr. Reddy's Laboratories Ltd to "overweight" from "equalweight" while maintaining its target at 2,801 rupees, saying recent share falls are overdone.
Dr. Reddy's shares are down 8.6 percent so far for the year, as part of a shift to domestic cyclicals from exporters and defensive sectors, compared to a 15.6 percent gain in the Nifty.
Barclays says Dr. Reddy's is now trading at a discount to historical valuations and its peers, while it remains "positive" on the drug-maker's fundamentals.
Dr. Reddy's shares were up nearly 1 percent as of 10:18 a.m.
(Reporting by Abhishek Vishnoi)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app