In today s trade, Lupin s shares soared nearly 7%, hitting a new all-time high of ₹1,404 apiece after Japanese brokerage firm Nomura raised the target price on the stock to ₹1,593 apiece from the previous ₹1,290, maintaining its buy recommendation.
Sumeet Bagadia of Choice Broking has chosen Torrent Pharma as his ‘Christmas 2023 Pick’. Bagadia has recommended a ‘Buy’ on the pharma stock at ₹2,185 and up to ₹2,090 for a target price of ₹2,420 to ₹2,490.
The pharma industry is one of the few defensive industries and investor interest in it is also rising, as concerns about COVID-19 gain momentum, said Aamar Deo Singh, Senior Vice President, Research, Angel One.
Nifty 50 is set to end 2023 with double-digit gain, marking eighth consecutive year of positive returns. 27 constituents of the index achieved new all-time highs this year.
Between 2005 to 2015, the pharma sector was one of the best performing sectors with stocks creating big wealth for the shareholders. Then came a spate of US FDA inspections and observation and a number of companies witnessed a sharp decline in performance. Over the next few years, stocks underperformed as companies went into introspection and course correction. Some of them have been able to make a comeback both in terms of operations and product portfolio. While there are some risks present in the system but given the fact they have come into under owned category, any positive news may have higher positive impact.