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Buy Indoco Remedies, target of Rs 204: Angel
Angel Broking has maintained its buy rating on Indoco Remedies with a revised target of Rs 204. The research firm estimates net sales to grow 16.3% and net profit to grow 22.7% yoy.
Angel Broking has maintained its buy rating on Indoco Remedies with a revised target of Rs 204 in its January 7, 2009 research report. "Indoco Remedies (Indoco) has a strong foothold in the domestic market through its sound brand portfolio of 120 products. Leveraging its presence in the Contract Research and Manufacturing Services (CRAMS) space, Indoco now proposes to scale up its Exports through higher exposure to the Regulated markets."
"We expect FY2009 to be lacklustre on account of strong credit control measures adopted by the company in the Domestic Formulation business and higher Operating cost. However for FY2010, we estimate Net Sales to grow 16.3% and Net Profit to grow 22.7% yoy. At Rs 121, the stock is quoting at 3.0x FY2010E EPS, which is at the lower end of its historical trading band. We maintain a Buy on the stock, with a revised Target Price of Rs 204 (Rs 370)," says Angel Broking's research report.
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