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Indoco Remedies share price hits 52-week high after Dovetail India Fund buys 5 lakh shares

BusinessToday.In     December 3, 2020

Indoco Remedies share price hit a fresh 52-week high in Thursday's early session after Dovetail India Fund Class 6 Shares bought 5 lakh shares of the company.

As per data available on BSE, Dovetail India Fund purchased 5 lakh equity shares amounting to 0.58% stake at Rs 265.31 per share. However, OHM Juniper Longterm Fund offloaded 0.54% stake in the company at Rs 265.31 per share.Following the update, Indoco Remedies share price touched a fresh high of Rs 295, rising 5.21% on BSE today against the last close of Rs 283.25. The stock also hit an intraday low of Rs 285.10.

Indoco Remedies share was trading higher than 5, 20, 50, 100 and 200-day moving averages. The stock has gained 10.77% in the last 3 days.

Market capitalisation of the company stood at Rs 2,672 crore as of today's session. The stock has risen 9% in one week. The share has gained 13% in one month and 85% in one year.

Prabhudas Lilladher in its report dated November 09, 2020 said its bullish on Indoco Remedies and recommended a buy rating on the stock with a target price of Rs 352. "We roll over our valuation to FY23E from FY22E and derive at new TP of Rs 352 earlier Rs 239 based on 18x unchanged PE of FY23E EPS of Rs20. We upgrade our rating to Buy earlier Hold, the brokerage had said in its report."

ICICI Direct in its report dated November 06, 2020 had maintained BUY stance with a target price of Rs 335.

The company's PAT for the quarter surged 228.43% YoY to Rs 25.7 crore as against Rs 7.81 crore during the previous quarter ended September 2019. EBITDA margins expanded 735 bps YoY to 18.5% on account of better gross margin performance and lower travel & promotional expenses.  

Sales rose 12.87% to Rs 323.05 crore in the quarter ended September 2020 against Rs 286.21 crore during the previous quarter ended September 2019.

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