Buy Dr. Reddy's Laboratories, target price Rs 5604: ICICI Direct

ICICI Direct has buy call on Dr. Reddy's Laboratories with a target price of Rs 5604. The current market price of Dr. Reddy's Laboratories Ltd. is Rs 5580.15. Time period given by analyst is Intra Day when Dr. Reddy's Laboratories Ltd. price can reach defined target.

Dr. Reddy's Laboratories Ltd., incorporated in the year 1984, is a Large Cap company (having a market cap of Rs 92746.20 Crore) operating in Pharmaceuticals sector.

Financials
For the quarter ended 31-03-2021, the company has reported a Consolidated Total Income of Rs 4850.80 Crore, down -3.22 % from last quarter Total Income of Rs 5012.40 Crore and up 7.26 % from last year same quarter Total Income of Rs 4522.50 Crore. Company reported net profit after tax of Rs 539.40 Crore in latest quarter.


Investment Rationale
Price forming higher base above the recent breakout area and is seen sustaining above the 20 days EMA.

Promoter/FII Holdings
Promoters held 26.7 per cent stake in the company as of March 31, 2021, while FIIs held 29.4 per cent, DIIs 14.9 per cent and public and others 29 per cent.