Buy Granules India, target price Rs 286.5: Nuvama Wealth brokerage

Nuvama Wealth brokerage has buy call on Granules India with a target price of Rs 286.5. The current market price of Granules India is Rs 299.95. Nuvama Wealth brokerage recommended to keep stop loss at Rs 318.

Granules India., incorporated in the year 1991, is a Mid Cap company (having a market cap of Rs 7298.80 Crore) operating in Pharmaceuticals sector.

Granules India key Products/Revenue Segments include Pharmaceuticals and Other Operating Revenue for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 1198.88 Crore, up 4.52 % from last quarter Total Income of Rs 1147.07 Crore and up 15.95 % from last year same quarter Total Income of Rs 1033.93 Crore. Company has reported net profit after tax of Rs 119.60 Crore in latest quarter.

Investment Rationale
Bullish OI buildup indicates stock has again gained bullish momentum by printing higher swings.

Promoter/FII Holdings
Promoters held 42.02 per cent stake in the company as of March quarter of 2023 while FIIs owned 23.9 per cent, DIIs on the other hand held 5.03 per cent.