Japanese brokerage firm Nomura has upgraded the stocks of Lupin to ‘Buy’ from ‘Neutral’ citing the high impact drug approvals will drive company’s earnings from Q4 onwards.
The brokerage firm raised Lupin target price to Rs 2,149 per share from Rs 1,698 earlier.
At 10.49 am, Lupin was trading 0.33 per cent up at Rs 1,887.50 on BSE.
Nomura added further that generic version of Glumetza, Nexium, Welchol and Renvela/Renagel will matter most for growth.
HSBC had also upgraded the stock to “buy” from “hold” last week.
Lupin stock has 23 buy, 14 hold and 6 sell ratings, according to Eikon data.
Later, the Lupin shares wiped off day’s gains and closed 0.68 per cent down at Rs 1,868.48 apiece.
With Reuters inputs