Buy Ajanta Pharma Ltd., target Rs 2344.0 : Anand Rathi

Anand Rathi has Buy call on Ajanta Pharma Ltd. with a target price of Rs 2344.0. The current market price of Ajanta Pharma Ltd. is 1932.45. Time period given by analyst is year, when Ajanta Pharma Ltd. price can reach defined target. Anand Rathi said the tentative approval of g-Relpax is a positive for the company. The brokerage expects annual sales of $15 million after the final approval. It said currency fluctuations and delay in regulatory approvals were key risks. It also raised PE for the company from 25x to 28x FY18 estimated earnings.