Rajesh Agarwal, Director - Research at Eastern Financiers Limited told CNBC-TV18, "There are still lot of hopes left with Lupin because the numbers were good. It reported 40 percent jump in bottomline, not only this quarter but also the last quarter was good."
He further added, "We believe that this performance is going to continue for at least next two-three quarters because the business is strong, not only in India but also in US and South Africa. It has filed for seven abbreviated new drug applications (ANDAs) out of which six has been approved and more ANDAs are in the pipeline."
"We believe the kind of confidence the management has shown in increasing the business, the company is going to do well and one can expect a price target of Rs 1,050 provided one is ready to wait for another six-nine months. So, unless you have requirement for funds, do not sell the stock, be Put," Agarwal said.
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