Stock market analyst Rajesh Jain of SMC Global has maintained 'buy' rating on Cipla Ltd stock above Rs 55.75 with target of Rs 370.

According to analyst, the investors can hold the stock with stop loss below Rs 340.

Mr. Jain also said that the investors can achieve the said target in 2-3 trading sessions.

Today, the stock of the company opened at Rs 340.50 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 363 and a low of Rs 246.70 on BSE.

Current EPS & P/E ratio stood at 12.29 and 28.30 respectively.

Cipla, on June 15, declared that its directors have sanctioned investment in 2 BioTech firms with a JV partner in China.

The company would get hold of 40% equity stake in an Indian biotechnology firm via subscription of fresh shares of the company.

The biotech company is establishing a high-tech plant for biosimitar products in Goa.

Cipla will have authorizations to sell all biosimilar products of the Company in the Indian as well as global market zones.

In addition, the company's directors' sanctioned acquisition of 25% equity stake in a Hong-Kong based biotech firm via subscription of the company's new shares.

During the last month, Cipla declared that it has established a wholly owned arm Cipla Singapore (P) in Singapore.

The division has been established inter-alia to support logistics as well as distribution of its export business.