Religare has maintained buy rating on Glenmark Pharma with target price of Rs 716, in its June 16, 2008 report. "A leading Indian company to focus on and unlock value from NCE research. Maturing R&D pipeline of eight NCEs and five NBEs, which we have valued at Rs 220/share. Enjoys a wide geographical spread in conjunction with a strong product pipeline for the US and RoW markets. Employing the inorganic route to gain scale in Europe. We have valued the generic business at Rs 496/share. Valuation Strong earnings growth expected as the generic business gains scale. Will continue to benefit from progressive monetising of its R&D pipeline. We have an SOTP-based target price of Rs 716 for the stock" says Religare report.

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