Buy Cipla, target price Rs 885: Edelweiss

Buy Cipla, target price Rs 885:  Edelweiss

Edelweiss has buy call on Cipla with a target price of Rs 885. The current market price of Cipla Ltd. is Rs 837.1.

Cipla Ltd., incorporated in the year 1935, is a Large Cap company (having a market cap of Rs 67484.17 Crore) operating in Pharmaceuticals sector.

For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 4972.58 Crore, up 16.27 % from last quarter Sales of Rs 4276.89 Crore and up 16.61 % from last year same quarter Sales of Rs 4264.24 Crore Company reported net profit after tax of Rs 661.85 Crore in latest quarter.

Investment Rationale
Cipla has bounced back after taking support near levels of 800. Also this bounce back has ensured that the selling pressure at higher levels had no follow through and hence stock is still in its uptrend.

Promoter/FII Holdings
Promoters held 36.7 per cent stake in the company as of Sept 30, 2020, while FIIs held 20.4 per cent, DIIs 19.4 per cent and public and other 23.5 per cent.

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