Jubilant Life may hit Rs 578, see upside in Glenmark: Bodke

Ajay Bodke of Prabhudas Lilladher told CNBC-TV18, "I am slightly contrarion and I am expecting that Sun Pharmaceutical industries which has been buffeted by a large number of negative news in the first quarter has taken a large hit in its Q1 numbers. If and when the Halol plant issue gets resolved over the next few quarters, one can see some sort of an upside in that company. So, there is limited downside in my view but significant upsides if these issues get resolved in the medium-term.""In the midcap space, we have been very positive on Glenmark Pharma in expectation of a large number of abbreviated new drug application (ANDA) which is getting approved in FY17 and year-to-date (YTD), I think they have received a few approvals and we are confident that going forward, they will continue at the same good clip in terms of receipt of ANDA approvals. So we see sort of medium-term upside in the stock," he said."The other company that we had picked up and recommended quite strongly was Jubilant Life Sciences at around Rs 200-210. The company has had a very strong run because it had turned around in Q1 and our belief is that the numbers over the next three quarters and beyond also will continue to surprise the market. There we have a strong upside in the medium-term of around Rs 578. This is a medium-term price target that we have," he added.