Bank of America-Merrill Lynch downgraded India's Bajaj Auto to underperform from neutral on Thursday, saying the earnings upgrade cycle has ended.
In a note seen by Reuters, the US investment bank said it expected sales and profit trajectory for India's second-largest motorcycle maker would decelerate sharply over fiscal years 2012 and 2013 on renewed competitive pressure.
At 9:47 am, shares in Bajaj Auto were trading 1.5% higher at Rs 1,507, while the main stock index was up 0.6%.
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