Buy Novartis India: Hem Securities
Hem Securities has maintained its buy rating on Novartis India in its March 30, 2009 research report. “Novartis AG has offered to raise the stake in Novartis India Limited to nearly 90 per cent from the current level of 50.93 per cent. The offer is expected to open in May 2009. Novartis has collaborated with healthcare company USV to market its anti-diabetic product Galvus, in a move that would pitch the pharma company directly against Merck. Novartis plans to pitch this against Merck’s Januvia by pricing it lower in the Indian anti-diabetic market which saw total sales of INR 16.72 billion till June 2008.”
“Novartis India Limited has registered a continuous growth rate over past few years when most of the company’s competitor has registered a decline in revenue. The company is trading at a PE of around 10.3x. We expect the company to be de-listed in the future which could result in a high share premium for minority share holder and we reiterate “BUY” on the stock,” says Hem Securities’ research report.
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