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Shares of Dr Reddy's Laboratories rose as much as 6.4 per cent to Rs 2,559 in their biggest daily percentage gain since May 22. The company had on Friday posted better-than-expected rise in second-quarter profit of Rs 518 crore ($70.57 million), on higher sales in some emerging countries.
Macquarie has raised the price target to Rs 2,500 from Rs 2,430. It has maintained 'neutral' rating and raised the EPS estimates on higher margins and lower tax rate. The brokerage says: “We like the company’s increasing focus on cost efficiencies and rationalisation of non-core assets.’’
Citi has raised the price target to Rs 2,680 from Rs 2,270 with 'neutral' rating. It says stability in US pricing and cost control initiatives should provide a floor to base earnings. About 18 of 39 brokerages covering the stock rate it “buy” or higher, 11 “hold” and 10 “sell” or lower; their median price target is Rs 2,442, according to Refinitiv Eikon data.
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