Sharekhan recommended hold rating on Torrent Pharmaceuticals with a target price of Rs 1720 in its research report dated October 23, 2019.
Sharekhan's research report on Torrent Pharmaceuticals
Torrent Pharmaceuticals Limited (Torrent Pharma) reported a strong set of numbers for Q2FY2020. USFDA issued a warning letter to Indrad Facility while it has classified Dahej Facility under OAI; Although FY2020 numbers may not be impacted, future product approvals from this facility could be delayed. However, we feel uncertainty related to USFDA outcome of OAI for Dahej and warning letter issued to Indrad facility are likely to remain an overhang in the near term. Torrent’s Sales and Profits are expected to grow by 17% and 43% CAGR respectively over next 2 years.
we maintain our Hold recommendation on the stock with an unchanged PT of Rs. 1,720.
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