Bangalore: Angel Broking is bullish on Indoco Remedies and has recommended buy rating on the stock with a target of 541. According to Angel Broking, at 430, the stock is trading at 10.9x and 7.9x FY2011E and FY2012E earnings, respectively. Indoco Remedies is an India-based pharmaceutical company. The Company is engaged in manufacturing and selling of pharmaceutical products. The Company operates in seven marketing divisions: Indoco, Spade, Warren, Spera, Excel, Xtend and Eterna. Its products are marketed in Europe, South Africa and United States. The Company's manufacturing facilities are located in Aurangabad, Baddi, Patalganga and Rabale. Its brands include Febrex Pius, Cyclopam, Vepan, Cital, Cloben-G, Carmicide, Scabex, Renolen, Homide, Dexoren-S and Tobaren-D. During the fiscal year ended March 31, 2010 (fiscal 2010), its new products included Cyclochek, Omegachek, Otichek and Razogard. Angel Broking says, Indoco Remedies' net sales to post CAGR of 16.1 percent to 536.8 crore and EPS to register CAGR of 25.7 percent to 54.1 over FY2010-12E. With the recommendation target price of 541, if the stock is bought at Monday's closing price of 433.30, the percentage of gain would be 19.90 percent.