Buy Glenmark Pharma, target price Rs 517: ICICI Direct

ICICI Direct has buy call on Glenmark Pharmaceuticals Ltd. with a target price of Rs 517. The current market price of Glenmark Pharmaceuticals Ltd. is Rs 508.85.

Glenmark Pharmaceuticals Ltd., incorporated in the year 1977, is a Mid Cap company (having a market cap of Rs 14390.58 Crore) operating in Pharmaceuticals sector.

Financials
For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 2801.85 Crore, down -4.07 % from last quarter Total Income of Rs 2920.60 Crore and up 1.20 % from last year same quarter Total Income of Rs 2768.52 Crore. Company reported net profit after tax of Rs 248.18 Crore in latest quarter.


Investment Rationale
Price remains in uptrend sustaining above recent breakout area

Promoter/FII Holdings
Promoters held 46.6 per cent stake in the company as of Dec 30, 2020, while FIIs held 30.2 per cent, DIIs 7 per cent and public and others 16.2 per cent.