Syncom Health has target of Rs 118: VK Sharma

RELATED NEWS Syncom Healthcare looks expensive: Udayan ALSO READ See previous views by VK Sharma See what other Experts & Brokerages are saying about Syncom Health See messages about Syncom Health Syncom Health BSE | NSE 10/02/12 Are Mutual Funds betting on Syncom Health?

Syncom Healthcare has target of Rs 118, says VK Sharma of HDFC Securities.

Sharma told CNBC-TV18, "Syncom Healthcare is one of the issues that recently got listed. It is a small pharma company that works on contract basis for the likes of Wockhardt, Lupin and Piramal Health. On the day of the listing on NSE it had a high of Rs 107 thereafter it made a high of Rs 124 and double bottom has been made at Rs 107."

He further added, "From a trading perspective this stock close at Rs 110, so I think it is logical for the stock having made this formation to see a level of around Rs 125 odd. But for the day I kept a target of Rs 118, which should be a possible; good volumes here."

Syncom Health has touched an intraday high of Rs 119.05 and an intraday low of Rs 108.10. At 12:07 hrs the share was quoting at Rs 117.40, up Rs 7.15, or 6.49% with volumes of 1,568,979 shares. Market capitalisation stands at Rs 205.45 crore.

The company touched its 52 week high Rs 124.90 and 52 week low Rs 70.65 on 12 Mar, 2010 and 24 Feb, 2010, respectively. Currently, it is trading -6% below its 52-week high and 66.17% above its 52-week low.