Buy Ind-Swift Labs; target of Rs 125: Sunidhi Securities

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Buy Ind-Swift Labs; target of Rs 125: Sunidhi Securities

Sunidhi Securities is bullish on Ind-Swift Labs and has recommended buy rating on the stock with a target of Rs 125 in its June 20, 2011 research report.

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Sunidhi Securities is bullish on Ind-Swift Labs and has recommended buy rating on the stock with a target of Rs 125 in its June 20, 2011 research report.

"Incorporated in 1995 and went public in 1997, a Chandigarh-based Ind-Swift Laboratories (ISLL) manufactures Active Pharmaceuticals Ingredients (APIs) and Advanced Intermediates. ISLL was promoted as a Joint Venture (JV) between Ind Swift Limited, and Punjab State Industrial Development Corporation Limited (PSIDC) in a move to achieve backward integration into APIs. In 2002-03, PSIDC exited the JV whereby the other promoter group, Ind Swift Limited bought the entire 23.1% stake of PSIDC in ISLL.  During FY10, it incorporated two new subsidiaries-in Dubai in the name of Ind-Swift Middle East FZE, UAE and second in Singapore under the name of Ind-Swift Laboratories Pte., Singapore. ISLL has entered into a JV in Iran to expand its operations in the Gulf countries. The company has a strong basket of 40 plus products across 16 therapeutic segments."

"At present, ISLL is positioned as a third-party API manufacturing with focus on therapy segments such as Macrolide Anti-Biotics, Cardio Vascular (CVS) and Anti-Histamine. It develops, manufactures and supplies bulk drugs to various domestic formulations companies and leading generic players across semi-regulated markets (with predominant presence in East European countries). In addition to manufacturing APIs, ISLL has entered into manufacturing of menthol, which is used in varied applications such as topical analgesics, decongestants, tobacco products and oral hygiene products like toothpaste and mouthwash."

"ISLL has two manufacturing facilities, located at Derabasi (near Chandigarh) and Jammu (J&K) for manufacturing APIs with an aggregate capacity to produce 370 tpa. The manufacturing facilities are approved by several international regulatory agencies including major one like US FDA (for United States), UK MHRA (for European Markets), TGA (for Australia) and PMDA (for Japan).  In 2006-07, the company set-up an R&D Centre at Mohali (near Chandigarh) with the aim to expand its pipeline of products under development and increase its presence in regulated markets. Buy the stock with a target of Rs 125," says Sunidhi Securities research report.

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