Glenmark Pharma can touch Rs 460: Agarwal

Rajesh Agarwal, Eastern Financiers is of the view that Glenmark Pharma can touch Rs 460.

Agarwal told CNBC-TV18, “Glenmark Pharma declared very good numbers. It was around 181% jump on bottom-line and 19% jump on top line. Going forward the company expects to manage around 30% growth in domestic market. Even the international market especially from the US and Russia side has been doing well. With the kind of new launches they have done in specialty drugs in US in the oncology segment and the research and development side they have, the presence in R&D they have we believe this stock can touch around Rs 460 in the next 6 months or so. Even on valuation parameters it is trading at 16 times FY14 earnings which is undervalued when compared to other stocks in the same category. So we believe one should hold on to the stock. May be a Rs 460 target in the next six months is quite possible.”