PINC Research has maintained a hold rating on Piramal Healthcare with a target of Rs 540, in its October 22, 2010 research report.
"Piramal Healthcare's Q2FY11 numbers reflect profit as well as partial sale of the sold business and hence are not comparable. We believe Q3FY11 will guide the outlook for the remaining business. The negative surprise was the 21% and 28% decline in CRAMS and Critical Care businesses respectively. We believe Piramal's CRAMS business will display strong growth with higher profitability in FY12e as innovator pharma companies come out of the mode of inventory destocking. However, we retain our earlier estimates as we await clarity on the business. We maintain hold recommendation, says PINC Research.
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