Buy Cipla, target Rs 603 : HSBC

HSBC has a buy call on Cipla Ltd. with a target price of Rs 603 .The current market price of Cipla Ltd. is Rs 562.65 Time period given by analyst is a year when Cipla Ltd. price can reach defined target. The UK Seretide market which is worth $300 mn, looks attractive with limited players (Mylan & now Cipla). While the pricing likely to be low, volume share gain will be key, said the HSBC note. The US ramp up as well as benefits from cost control initiatives should drive earnings, said the brokerage note.