HSBC upgrades Lupin to 'overweight'

Says Q2 earnings were higher than expected, while shares had under-performed peers over past 3 months

HSBC upgraded Lupin to 'overweight' from 'neutral', saying the drug maker's July-September earnings were higher than expected, while shares had under-performed peers over the past three months.

HSBC also raised its target price to Rs 650 from Rs 640, adding Lupin is seeing "healthy" sales across regions, while highlighting near-term launches in the drug maker's US pipeline.

The drug maker on Tuesday said its July-September quarter net profit rose 9% to Rs 291 crore.

Lupin shares fell 0.3% to Rs 561.15 at 0348 GMT.