Barclays upgrades Dr Reddy's to overweight

Barclays upgrades Dr. Reddy's Laboratories Ltd to "overweight" from "equalweight" while maintaining its target

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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.

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