The Hindu Business Line : Fund buying boosts Elder Pharma

Fund buying, after a three-fold increase in its March quarter net profit, sent shares of Elder Pharmaceuticals Ltd up over six per cent to Rs 346.95 in Thursday's weak market. The shares have shot up 25.48 per cent (Rs 70.45) over the last one-week. Dealers said foreign funds Citicorp International and CBC Bahrain recently hiked their stake in the company to 7.33 per cent and 5.41 per cent respectively. Sharekhan, which came out with a `buy' recommendation on the company, said it expected net profit to grow at a CAGR of 49 per cent over fiscal year 2005-08. At 7.7 P/E multiple for 2008 fiscal earnings estimates, Elder is trading at a deep discount to peers, it said.

Rajesh Abraham

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