IPCA surges after string of broker upgrades

Tags: Ipca, Companies
Shares of IPCA Laboratories Ltd gain 4 per cent to Rs 861.30 after Morgan Stanley initiates coverage on the company with a "buy" rating and a target price of Rs 1,101, calling it its "preferred healthcare mid-cap stock."

Morgan Stanley says that IPCA's growing India business, ramp-up in anti-malaria drugs and increased capacity for the U.S. market should drive 23 percent compounded annual growth in earnings until fiscal 2016, versus an average 16.3 percent for other Indian healthcare stocks in its coverage.

IPCA has received a slew of recent upgrades from foreign banks, highlighting its improving outlook. Shares are up 18.7 percent so far this year, compared with a 3.3 percent gain in the BSE healthcare index and a 3 percent rise in the BSE Sensex.

Last month, Credit Suisse initiated coverage on IPCA with an "outperform" rating, while CLSA upgraded the stock in January to "buy" from "outperform.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • But what’s the big deal about Modi’s first hundred days?

    That Indians believe more in symbolism than substance is a fact that is well acknowledged and chronicled.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Urs Schöttli

West Asia turmoil worries east Asia

From Beijing to Jakarta, from Manila to Tokyo, east Asian ...

Purnendu Ghosh

Memory is a collage of the old and new

We are all fitted with pressure valves. Some of us ...

Shona Adhikari

The enduring legacy of <em>The Last Supper</em>

This week’s column features a work of art that is ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture