CLSA upgrades Ipca Labs to buy; stock up

Ipca Laboratories stock was on buyer's radar after CLSA upgraded the company to buy rating with a target price of Rs 335, reports CNBC-TV18.

Ipca Laboratories net profit dropped by 17% from Rs 94.01 crore to Rs 77.96 crore for the second quarter ended September 30, 2011.

Net sales of the company surged to Rs 618.02 crore versus Rs 514.29 crore.

The Board of Directors of the company at its meeting held on October 31, 2011 has declared an interim dividend of 50% (Re 1/- per share) for the financial year 2011-12.

Ipca is a fully-integrated Indian pharmaceutical company manufacturing over 350 formulations and 80 APIs for various therapeutic segments.

Ipca is a therapy leader in India for anti-malarials with a market-share of over 34 % with a fast expanding presence in the international market as well.

At 09:50 hrs the share was quoting at Rs 265.00, up Rs 11.10, or 4.37%. It touched an intraday high of Rs 274.60 and an intraday low of Rs 254.
 
It was trading with volumes of 212,151 shares, compared to its 5-day average of 28,138 shares, an increase of 653.97%.
 
In the previous trading session, the share closed up 5.70% or Rs 13.70 at Rs 253.90.