share price of dr. Reddy: The pharmaceutical giant Dr. Reddy’s Laboratories (dr Reddy’s Laboratories) shares have a strong buy trend today. BSE Sensex Today there is about a 1.5 percent weakness, but shares of Dr. Reddy are rapidly increasing on the excellent December quarter results. For the day today it rose more than 3 percent to a high of Rs.4382.35 in BSE. Market experts see a further upward trend here and recommend investments. Domestic brokerage firm ICICI Securities has a buy rating with a target price of Rs 5,131, up about 18 percent from current price. Now it is available at a price of Rs.4330 with a strength of 2.98 percent.
DR. Brokerage positive on Reddy’s strong results
According to domestic brokerage firm ICICI Securities, the December quarter of 2022 was a busy one for Dr. Reddy’s better than expected due to better-than-expected Revlimid sales. The earnings of Dr. Reddy for the third quarter of the current financial year 2022-23, October-December 2022 rose 27.3 percent yoy to Rs.6,770 crore, while ICICI Securities estimate was Rs.5,860 crore. U.S. revenue also rose 6.8 percent sequentially to $375 million, beating the brokerage firm’s estimate of $281 million.
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In December 2022, the company’s net profit increased by 76.5 percent on an annualized basis to Rs.1,250 billion. The brokerage firm expects continued strong growth in its branded generics business. Apart from that, it represents a better investment opportunity due to the product launch in US market, more focus on margin and attractive valuation. The brokerage firm has set a price target of Rs 5131 for the investment.
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Shares are available at a 7% discount
The shares of Dr. Reddy last year stood at Rs 3655 on 4 March 2022 which is a one year record low. After that, it rose 27 percent in 8 months to Rs 4645.55, which is a record high of 52 weeks. This boom from Dr. However, Reddy’s could not continue and is currently available at a 7% discount. According to experts, it is showing further uptrend and may rise 18% to reach Rs. 5131 level from the current level of Rs. 4330.
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