Karvy Stock Broking has downgraded its rating on Ipca Laboratories to buy with a target of Rs 530 in its January 19, 2009 research report. "Profits for the quarter will be lower by 6 % to Rs 361 million for the quarter. Ipca revenues growth drivers remain domestic formulations, branded prescription and generic markets. Currently the stock is quoting at 7.1x FY 2009E and 4.6x FY 2010E. Due to contraction in valuations we downgrade our rating multiple to 7x and rate the stock as a BUY with a price target of Rs 530," says Karvy Stock Broking's research report.

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