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Buy Cipla; target of 329: IIFL

By SiliconIndia   |   Friday, April 29, 2011
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Bangalore: IIFL is bullish on Cipla and has recommended buy rating on the stock with a target of Rs.329. According to IIFL, Cipla on the daily chart has been consolidating in a flag pattern after prices formed an intermediate peak of Rs.332.75 on 30th Mar 2011. Observing the volume trend during consolidation, it clearly suggests drowning of volumes with prices turning more or less range bound. Cipla is an Indian-based pharmaceutical company. In May 2010, it set up a wholly owned subsidiary, Cipla Singapore. In April 2010, it commenced commercial production of pharmaceutical formulations at its Special Economic Zone project at Indore, Madhya Pradesh. It includes facilities for the manufacture of aerosols, liquid orals, pre-filled syringes, nasal sprays, eye drops, tablets and capsules. The company's net profit declined by 19.49 percent to Rs.232.69 crore for the third quarter ended December 31, 2010, primarily due to high expenses at its Indore plant and rupee appreciation. It had posted a net profit of Rs.289.03 crore in the same period previous fiscal. IIFL says, the 200 DMA for the stock prevails at Rs.329, which becomes important resistance and an intermediate target. With the target price of Rs.329, if the stock is bought on Thursday's closing price of Rs.309.45, the percentage of gain would be 5.94 percent.
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