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

Stocks to buy: Shilpa Medicare share price rose over a percent, extending gains for the eight consecutive session on Thursday. The stock opened at ₹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.

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Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.