CLSA bullish on pharma, downgrades Biocon, Ranbaxy

Reuters Market Eye - CLSA expects consensus upgrades for India's pharma sector on expectations of strong performance, as earnings will accelerate on back of its U.S. business and on improving domestic growth.

CLSA upgrades IPCA Laboratories to 'Buy' from "outperform" on expectations of strong earnings growth over FY14-16, while maintaining Lupin as its "conviction buy" on better return-ratios than peers.

However, the brokerage downgrades Biocon , Ranbaxy Laboratories to 'sell' from 'outperform' citing run up in valuations.

Shares of IPCA are up 2.02 percent, Ranbaxy and Biocon are down 0.23 percent, 2.6 percent respectively.

(Reporting by Dipika Lalwani)