Hitesh Eidnani of Trend Tech Consultants is bullish on Glenmark Pharmaceutical Limited and has recommended 'hold' rating on the stock with targets of Rs 450 and 500.

According to Hitesh Eidnani, the interested investors can buy the stock with a stop loss of Rs 310.

The stock of the company, on Nov 05, closed at Rs 363.95 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 373.50 and a low of Rs 218.90 on BSE.

Current EPS & P/E ratio stood at 17.18 and 21.84 respectively.

In its consolidated net profit, Glenmark Pharmaceuticals has recorded a growth of 38%at Rs 111.62 crore for the three month period ended September 30.

The company's net profit during September 2009 was Rs 80.88 crore.

Glenmark's consolidated earnings surged 23%to Rs 724.26 crore as compared to Rs 590.32 crore during the corresponding period of 2009.

The company's earnings from the generic biz remained up by 27% to Rs 327.65 crore whereas in the speciality formulation space, earnings jumped 19% north to Rs 396.6 crore as compared to Rs 332.74 crore in 2009.

Glenn Saldanha, CEO & MD of the company stated, "During the quarter, Glenmark's income saw growth buoyed by our largest businesses - India and the US, where new product launches assisted growth and also helped us increase market share across operating therapeautic cateogories."

Glenmark also saw substantial growth in the Latin America and the Central Eastern Europe region.