Cipla’s stock has been under pressure for some time now but its business is currently close to its key support. First, the stock turned from this level and headed for a rally 1,080 views, a note highlighted by domestic brokerage and research firm Anand Rathi.
share as top pick For the month, the brokerage has given a buy rating on the pharma stock with a target price of 1,070 per share and stop loss 860 with a time frame of one month.
“There is a bullish BAT pattern on 4 HRS chart which is looking attractive, thus, we recommend traders to go with long stop loss in the stock. 860,” said Anand Rathi.
Drug major Cipla on Tuesday said its consolidated profit after tax declined by 12%. 362 crore for the fourth quarter ended March 2022 as compared to 413 crore in the January-March quarter of the financial year 2020-21.
The Mumbai-based company’s revenue from operations, however, increased 5,260 crore as compared to Rs. 5,260 crore for the period under review 4,606 crore in the fourth quarter of FY2011, on account of growth in One-India (+21% y-o-y) and US business (+21% y-o-y). In addition, the US business reported the highest ever sales of $160 million, led by respiratory franchises and peptide assets.
Shares of Cipla have gained just 5% in the one-year period, while the stock is up 0.8% in 2022 (YTD), while the benchmark Sensex has lost over 8% since the beginning of the year.
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.