Stocks

Merck jumps on strong quarterly results

Reuters Feb 23 | Updated on February 23, 2018 Published on February 23, 2018

Merck stock posted its biggest intraday percentage gain since February 12.

Shares of pharma co Merck Ltd climbed as much as 5.1 per cent to Rs 1,520 on strong results. The stock posted its biggest intraday percentage gain since February 12.

IDBI Capital has raised the rating to “accumulate” from “hold", and it has revised the price target to Rs 1,613. The company had on Thursday reported 40 per cent jump in December-quarter profit.

According to IDBI Capital, the quarterly revenue in line with its estimates. It says key upside risks include higher-than-expected domestic sales growth on the back of price hikes and new product launches and pick-up in injectable space which is a high-margin segment. Up to Thursday's close, stock had risen 32 per cent in 12 months.

Published on February 23, 2018
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