Buy Cipla on declines: Nooresh Merani

Nooresh Merani, CEO at Analyse India told CNBC-TV18, "Cipla has been in a strong uptrend right from the time it broke into all time highs around Rs 450-470 levels. We continue to like the stock and we expect a target price of Rs 750 or higher in the medium to long-term. So, I would say any dips from current levels or even at current levels it is a buy. So, one can buy and hold for next 6-12 months and expect a good move."

At 15:21 hrs Cipla was quoting at Rs 637, up Rs 6, or 0.95 percent on the BSE.

The share touched its 52-week high Rs 671.95 and 52-week low Rs 366.70 on 31 October, 2014 and 24 February, 2014, respectively.

Disclosure: Analyst has no personal positions in the above stock.