Hold Glenmark Pharma with a target of Rs 585: Thununguntla

Jagannadham Thununguntla, Strategist & Head of Research of SMC Global Securities Limited is of the view that one can hold Glenmark Pharma with a target of Rs 585.

Thununguntla told CNBC-TV18, “It makes sense to hold on Glenmark Pharma. It has been doing very well and the promoters are working very hard on the R&D side. I feel the company is doing quite nicely just that valuations appear to be a little stretched but that is fine when one theme is going on. I feel that Rs 585 is a likely target probably one will see during at some point in this year, I think one can book the profits then.” Glenmark Pharma closed at Rs 520.65, up Rs 4.30, or 0.83 percent.It has touched an intraday high of Rs 527.85 and an intraday low of Rs 515. There were pending sell orders of 325 shares, with no buyers available. It was trading with volumes of 105,930 shares.