Go long in Ipca Laboratories: Sukhani

Sudarshan Sukhani of s2analytics.com is of the view that one can go long in Ipca Laboratories.

Sukhani told CNBC-TV18, "If we were buying these pharma stocks in this falling market, the long only trader would actually make money, midcap IT and pharma. That sometimes tells us how the markets diverge. Ipca Laboratories is making a fairly decent cup and handle pattern, the handle is now ready, it is now breaking up. It is not just a day trade it is probably a positional trade. We want to go long and stay with it."
The share touched its 52-week high Rs 566.85 and 52-week low Rs 343.40 on 19 March, 2013 and 29 May, 2012, respectively. Currently, it is trading 8.07% below its 52-week high and 51.75% above its 52-week low. Market capitalisation stands at Rs 6,576.24 crore.
The company's trailing 12-month (TTM) EPS was at Rs 20.31 per share. (Dec, 2012). The stock's price-to-earnings (P/E) ratio was 25.66. The latest book value of the company is Rs 100.02 per share. At current value, the price-to-book value of the company was 5.21. The dividend yield of the company was 0.61%.