Domestic brokerage and research firm Anand Rathi shares what he considers as his top stock pick ideas for the month. pharma The stock Laurus Labs has been under pressure for some time now but is trading close to its critical support.
The brokerage said, “Earlier the stock turned from this level and we saw a rally towards 550. On the chart, there is a Bullish Gartley pattern which is looking attractive with RSI BAMM setup.”
Anand Rathi, whose target value is On the shares of Laurus Labs with a one-month time frame of 580, traders are advised to go with a longer stop loss in the stock. 450.
Laurus Labs is one of the leading research-driven pharmaceutical manufacturing companies in India. The company has become one of the leading manufacturers of APIs for Anti-retroviral (ARV), Oncology, Cardiovascular, Anti-diabetic, Anti-Asthma and Gastroenterology.
For the quarter ended September, the pharma company reported a decline in consolidated net profit of around 17% to 201.9 crore 242 crore year-on-year (YoY) while its net sales increased 1,203 crore as compared to 1,138.8 in the year-ago quarter.
In September last year, the Board of Directors of Laurus Labs approved the sub-division (stock split) of the company’s equity shares from the current face value. marked value of 10 each 2 each (ie split of 1 equity share 5 equity shares out of 10 2 each), to make the stock more affordable for small retail investors and increase liquidity.
The pharma stock has given around 43% returns this year (Year-to-Year or YTD), while it has gained over 45% in the one-year period. Whereas, since its stock split in September 2020, shares of Laurus Labs have gained almost 100%.
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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