Shares in Wockhardt gain 1.5 percent to 1,936.70 rupees after Bank of America-Merrill Lynch initiates coverage on the stock with a "buy" rating and a target price of Rs 2,565.
BofA-Merrill says the stock will benefit from a "likely" exit from a debt restructuring process, improved cash flows that could allow Wockhardt to turn debt-free by fiscal 2015, a recovery in domestic growth, and "consistent" earnings surprises.
Wockhardt stock price
On November 30, 2015, at 15:30 hrs Wockhardt was quoting at Rs 1656.00, up Rs 52.45, or 3.27 percent. The 52-week high of the share was Rs 2000.00 and the 52-week low was Rs 831.10.
The latest book value of the company is Rs 96.99 per share. At current value, the price-to-book value of the company was 17.07.
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