Buy Cipla, target price Rs 998: ICICI Direct

ICICI Direct has buy call on Cipla with a target price of Rs 998. The current market price of Cipla is Rs 955.25.
Time period given by analyst is Intra Day when Cipla Ltd. price can reach defined target.

Cipla Ltd., incorporated in the year 1935, is a Large Cap company (having a market cap of Rs 77040.40 Crore) operating in Pharmaceuticals sector.


Cipla Ltd. key Products/Revenue Segments include Pharmaceuticals, Other Operating Revenue, Export Incentives, Royalty Income and Scrap for the year ending 31-Mar-2021.


Financials
For the quarter ended 31-12-2021, the company reported a Consolidated Total Income of Rs 5570.15 Crore, down -.18 % from last quarter Total Income of Rs 5580.47 Crore and up 5.98 % from last year same quarter Total Income of Rs 5255.63 Crore. Company reported net profit after tax of Rs 758.95 Crore in latest quarter.

Investment Rationale
Cusp of breaking above the bullish double bottom formed at the rising 52-week EMA.

Promoter/FII Holdings
Promoters held 36.11 per cent stake in the company as of 31-Dec-2021, while FIIs owned 28.01 per cent, DIIs 17.86 per cent.