Buy Glenmark Pharma With Target Of Rs 325
Stock market analyst Mitesh Thacker has maintained 'buy' rating on Glenmark Pharmaceutical Limited stock to achieve a target that lies between targets of Rs 315 and 325.
According to analyst, the investors can buy the stock with a stop loss below Rs 288
The stock of the company, on Sept 27, closed at Rs 297 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 303.80 and a low of Rs 217.90 on BSE.
Current EPS & P/E ratio stood at 16.05 and 19.06 respectively.
Glenmark Pharmaceuticals Ltd announced that there are no immediate plans for an initial public offering (IPO) of its arm Glenmark Generics and that it has been deferred for an indefinite period.
The pharma giant has already won nod from SEBI for its IPO.
Late 2009, Glenmark Pharma lifted up Rs 413-crore via a qualified institutional placement (QIP) that aided perk up its cash-flow and cut down its arrears.
For the three month period ended June 30, Glenmark Pharma recorded an increase of 2.90 times in its consolidated net profit, which stood at Rs 1,555.44 million as against Rs 534.55 million during the corresponding period of
The company's net sales grew by 25.41% to Rs 6818.60 million for Apr-Jun period as compared to Rs 5436.88 million for the three month period ended June 30, 2009.