Buy Ipca Laboratories, target price Rs 970: Nagaraj Shetti
Ipca Laboratories with a target price of Rs 970. The current market price of Ipca Laboratories is Rs 923.05.
Nagaraj Shetti recommended to keep stop loss at Rs 902.
Ipca Laboratories, incorporated in the year 1949, is a Mid Cap company (having a market cap of Rs 23532.33 Crore) operating in Pharmaceuticals sector.
Ipca Laboratories key Products/Revenue Segments include Pharmaceuticals, Other Operating Revenue, Export Incentives, Sale of services for the year ending 31-Mar-2022.
Financials For the quarter ended 30-06-2023, the company has reported a Consolidated Total Income of Rs 1632.43 Crore, up 5.45 % from last quarter Total Income of Rs 1548.02 Crore and up 1.53 % from last year same quarter Total Income of Rs 1607.85 Crore. Company has reported net profit after tax of Rs 166.21 Crore in latest quarter.
Investment Rationale
The stock price on the weekly chart formed a bullish pennant type pattern and is currently in an attempt of upside breakout of the pattern at Rs 940 levels.
This could be considered as an uptrend continuation pattern. Oscillator shows positive indication.
Promoter/FII Holdings Promoters held 46.29 per cent stake in the company as of 30-Jun-2023, while FIIs owned 10.05 per cent, DIIs 34.85 per cent.
