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JP Morgan cuts Bajaj Auto to underweight,shares fall

JP Morgan Securities lowers its rating on India's Bajaj Auto Ltd to 'underweight' from 'neutral'.

J.P. Morgan Securities lowers its rating on India8217;s Bajaj Auto Ltd to 8220;underweight8221; from 8220;neutral8221; and cut its target price to 1,800 rupees from 2,060.

J.P. Morgan cites a weakening outlook for two-wheeler growth due to rising fuel prices and high inflation.

The investment bank also notes competition is set to intensify as rivals Hero MotoCorp Ltd and Honda Motor Co Ltd raise capacity.

As of 1128 0558 GMT,Bajaj Auto shares are down 1.4 percent at 1,960.60 rupees.

Stocks More on Bajaj Auto Ltd

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