The common stock price for Dr. Reddy's Laboratories Limited (Dr. Reddy) has appreciated 22.9% since our 1Q 10 update report, dated 07 August 2009 following reports which suggested that UK-based GlaxoSmithKline Plc may acquire the company. Given our fundamental outlook we maintain the common stock rating at a SELL. We will reassess our target price and rating in our next update report, once the company announces its 2Q 10 results. Despite our expectation of a positive currency impact on the ADR over our investment horizon, we moderate our rating from a BUY to a HOLD, based on our fundamental outlook and current price levels. We will reassess our target price and rating in our next update report, once the company announces its 2Q 10 results.

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