Technical Analyst Anil Singhvi has maintained 'buy' rating on Glenmark Pharmaceutical Ltd stock to achieve an intraday target of Rs 296.

According to him, interested traders can purchase the stock with a stop loss of Rs 276.

The shares of the company, on May 06, closed at Rs 281.95 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 303.80 and a low of Rs 165.65 on BSE.

Current EPS & P/E ratio stood at 8.33 and 33.66 respectively.

Glenmark Generics, a wholly owned subsidiary of Glenmark Pharma, has signed up distribution, marketing agreement with Taro Pharmaceuticals for an unidentified branded product.

The product's market size in the US is $60 million by 2012.

Glenmark Generics will make the FDA-sanctioned product solely for Taro Pharmaceuticals USA and will get milestone payments and a royalty on sales.

Financial details of this agreement were not revealed thus far.

On May 02, Glenmark Pharmaceuticals announced that it has given exclusive rights to Par Pharma to market and sell a generic edition of its cholesterol pill in US markets.

Moreover, the Indian company's wholly owned division, Glenmark Pharmaceuticals SA, on May 03, has signed up a licensing deal with France's Sanofi-Aventis for the growth and commercialization of a painkiller.

Glenmark Pharmaceuticals has got an upfront payment of Rs 90 crore in an agreement, which is likely to bring the firm $325 million if the molecule advances as projected.