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Jul 18, 2008, 02.16 PM IST | Source: Moneycontrol.com

Buy Nectar Lifesciences, target of Rs 503: Religare

Religare Research has recommended a buy rating on Nectar Lifesciences with a target price Rs 503. Nectar is trading at 4.9x FY09E FDEPS of Rs 55.8 and 3.4x FY10E FDEPS of Rs 81.1.

Religare Research has recommended a buy rating on Nectar Lifesciences with a target price Rs 503 in its July 17, 2008 research report. "Amongst the fastest growing Indian pharma companies with a revenue and PAT CAGR of 40% and 52% respectively over FY04FY08, achieved purely through organic means. Strong presence in the third and fourth generation cephalosporin space and in phytochemicals. Venture into gelatine capsule manufacture and CRAMS to de-risk the business model."

"Nectar is trading at 4.9x FY09E FDEPS of Rs 55.8 and 3.4x FY10E FDEPS of Rs 81.1. Based on its strong growth prospects, leadership in key verticals and transitioning up the high margin value chain, we value the company at 6x FY10E earnings and recommend a Buy with a target price Rs 503," says Religare's research report.

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