Buy Sequent Scientific, target price Rs 290: ICICI Direct

ICICI Direct has buy call on Sequent Scientific with a target price of Rs 290. The current market price of Sequent Scientific Ltd. is Rs 258.25.

Sequent Scientific Ltd., incorporated in the year 1985, is a Small Cap company (having a market cap of Rs 6415.42 Crore) operating in Pharmaceuticals sector.

Financials
For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 361.02 Crore, up 3.47 % from last quarter Total Income of Rs 348.91 Crore and up 13.74 % from last year same quarter Total Income of Rs 317.40 Crore. Company reported net profit after tax of Rs 39.69 Crore in latest quarter.


Investment Rationale
The intermediate corrections since March 2020 have not exceeded more than 20%. In the current scenario also, elevated buying demand emerged from 50 day’s EMA after correcting 19%. This indicates maturity of price wise correction that offers favourable risk reward