Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
02 June, 2020 14:40 IST
Buy Aurobindo Pharma, target price Rs 770: ICICI Direct
Source: IRIS | 23 Apr, 2020, 04.17PM
Comments  |  Post Comment

 

ICICI Direct has given a buy rating to Aurobindo Pharmaceuticals with a target price of Rs 770 over 12 months. The brokerage is valuing the stock at 13 times FY22E EPS of Rs 59.4.

In a surprising example of changed fortunes, the USFDA has re-classified the inspection conducted at the company's general injectable formulation facility (Unit IV) at Pashamylaram, Hyderabad as voluntary action indicated (VAI). In February 2020, USFDA had rescinded the VAI status issued to the facility within three days of issue.

The facility had earlier received 14 observations after the inspection conducted by USFDA on November 4-13, 2019. This augurs well for the company, as it has 46 pending filings (~30 per cent of total pending filings) including 50-60 per cent of pending injectables that have been filed from this plant that is a key driver for the company's US growth.

Shares of the company declined Rs 12.15, or 1.89%, to settle  at  Rs 631.00.  The total volume of shares traded  was  501,125 at  the BSE (Thursday).





Aurobindo Pharma Limited   (Q,N,C,F)*

Comments Post comment 
 Post Comment
Name Email
Comment
Security Code type    into this box
Related Articles
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer