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Cipla shares have been under pressure since quiet some time but at this juncture its trading near its crucial support. Previously, the stock turned from this level and a rally towards 1,080 was seen, highlighted domestic brokerage and research firm Anand Rathi in a note.

Sharing as its top pick for the month, the brokerage has buy rating on the pharma stock with a target price of 1,070 per share and stop loss of 860 with a time frame on one month.

“On 4 HRS chart there is bullish BAT pattern which is looking lucrative, Thus, we advise traders to go long in the stock with a stop loss of 860," Anand Rathi added.

Drug major Cipla on Tuesday said its consolidated profit after tax declined by 12% to 362 crore for the fourth quarter ended March 2022 as compared to 413 crore in the January-March quarter of 2020-21 fiscal.

The Mumbai-based company's revenue from operations, however, rose to 5,260 crore for the period under review as against 4,606 crore in the fourth quarter of FY21, led by growth in One-India (+21% YoY) and US business (+21% YoY). Furthermore, the US business reported the highest ever sales of $160 million which was led by the respiratory franchisee and peptide assets.

Shares of Cipla have risen just about 5% in a year's period, whereas the stock is up 0.8% in 2022 (YTD) so far as compared to more than 8% fall in benchmark Sensex since the beginning of the year. 

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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