Morgan Stanley cuts India's GlaxoSmithKline Pharma shares to 'under-weight'

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GlaxoSmithKline's shares are constrained by its pricing policy and GlaxoSmithKline's shares are constrained by its pricing policy and "full" valuations, the broker added. (Reuters)
SummaryGlaxoSmithKline's shares are constrained by its pricing policy and "full" valuations, the broker added.

Morgan Stanley cut its rating on India's GlaxoSmithKline Pharmaceuticals Ltd to "under-weight" from "equal-weight", citing expectations the drug maker will post modest growth and saying margin expansion looked unlikely.

GlaxoSmithKline's shares are also constrained by its pricing policy and "full" valuations, the broker added.

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