Buy Cipla With A Target Of Rs 350

Buy Cipla With A Target Of Rs 350Technical analyst Rajesh Satpute maintained 'buy' rating on Cipla Limited stock with a target of Rs 350.

According to analyst, the stock can be bought with a stop loss of Rs 316.

The stock of the company, on February 02, closed at Rs 324.75 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 380.80 and a low of Rs 301.10 on BSE.

Current EPS & P/E ratio stood at 12.33 and 26.82 respectively.

Cipla Ltd declared that a meeting of the company's directors will take place on February 04 to sanction unaudited financial outcomes for the three month period ended December 31, 2010 (Q3).

Cipla Ltd refused a report that said the Indian generic drug manufacturer's originators are eyeing to sell their complete equity stake in the company.

"The company would once again like to reiterate that these [sell out] rumors are absolutely baseless and are purely speculative in nature and the company has no intention whatsoever to do any stake sale," the company said. Previous stories stated that Cipla's founders were making discussions to sell their 37% equity stake to an international pharma company.

The report said that Cipla's discussions with Merck KGaA appeared to be the most innovative, and that the stake could be priced at Rs 80 billion ($1.76 billion).

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