Stock to buy: Anand Rathi picks Shilpa Medicare as stock of the month, forecasts 20% upside

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₹445.15 as against previous close of ₹442.15 apiece on the BSE and gained as much as 1.71% to an intraday high of ₹450.00. Brokerage firm Anand Rathi has named Shilpa Medicare as its pick of the month and expects an upside of over 19% in the stock. “Shilpa Medicare on weekly chart is showing high volume breakout.

It has given a range breakout above ₹400-420 level, which was its previous year high. Thus we advise traders to go long in the stock with a stop loss of ₹400 for the target price of ₹530," Anand Rathi said in a note. The target price of the brokerage firm implies an upside of nearly 20% from Wednesday's closing price.

Shilpa Medicare shares have rallied over 22% in the past eight trading sessions, while the stock has given more than 34% returns in one month. Shilpa Medicare share price is up 60% in one year. Shilpa Medicare shares hit a 52-week high of ₹454.80 on February 21, on the BSE.

Meanwhile, in the quarter ended December 2023, Shilpa Medicare reported a consolidated net profit of ₹4.58 crore as against a loss of ₹6.62 crore in the year-ago quarter. The company’s revenue in Q3FY24 rose 9.14% to ₹286.48 from ₹262.50 crore in December 2022. At 9:30 am, Shilpa Medicare shares were trading 0.79% lower at ₹438.65 apiece on the BSE.