Buy Torrent Pharma with target of Rs 546: Firstcall

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Firstcall Research has recommended buy rating on Torrent Pharmaceuticals with a target price of Rs 546 in its report dated March 08, 2010.

Torrent Pharmaceuticals engages in the manufacture and sale of branded and unbranded generic pharmaceutical products in India and internationally. The company has posted a net profit of Rs 829.50 million for the quarter ended December 31, 2009 as compared to Rs 507 million for the quarter ended December 31, 2008. It has commissioned a new facility to manufacture human insulin at its Indrad manufacturing complex exclusively for supply to global healthcare major Novo Nordisk.

"At the current market price of Rs 475, the stock is trading at 16.71 x FY10E and 13.96 x FY11E respectively.  We expect that the company will keep its growth story in the coming quarters also. We recommend 'BUY' in this particular scrip with a target price of Rs 546 for Medium to Long term investment, "says Firstcall Research report.

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