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Buy Torrent Pharmaceuticals, target of Rs 260: Sharekhan

Posted on: June 8th, 2009 and is filed under Brokerage Recommendations.

Sharekhan has maintianed its buy rating on Torrent Pharmaceuticals with a target price of Rs 260 in its June 04, 2009 research report.

“Torrent’s Q4FY2009 performance has been marginally ahead of our expectations both on revenue and profit fronts. The company’s efforts to improve its international businesses seem to be yielding fruits, as is seen in the improving performance of Heumann and the robust growth across all other international geographies. The domestic business, which accounts for 50% of the turnover, has also recovered and is expected to outperform the market in the coming quarters. Strong revenue traction, improving product mix and cost rationalisation will facilitate the company’s upward margin bias. Lastly, with Torrent strengthening its presence in the US market would act as a strong growth driver (on a low base) in the coming years. We roll over our valuations to the FY2011 earnings estimate and maintain our Buy recommendation on the stock with a price target of Rs 260, ” says Sharekhan’s research report.

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