Buy Glenmark Pharmaceuticals, target price Rs 690: Yes Securities

Yes Securities has buy call on Glenmark Pharmaceuticals with a target price of Rs 690. The current market price of Glenmark Pharmaceuticals Ltd. is Rs 638.75. Time period given by analyst is Intra Day when Glenmark Pharmaceuticals Ltd. price can reach defined target.

Glenmark Pharmaceuticals Ltd., incorporated in the year 1977, is a Mid Cap company (having a market cap of Rs 18422.76 Crore) operating in Pharmaceuticals sector.

Financials
For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 2868.39 Crore, up 2.37 % from last quarter Total Income of Rs 2801.85 Crore and up 2.02 % from last year same quarter Total Income of Rs 2811.63 Crore. Company reported net profit after tax of Rs 233.87 Crore in latest quarter.

Investment Rationale
A decisive breakthrough above the recent high could shift the range on the upside.

Promoter/FII Holdings
Promoters held 46.6 per cent stake in the company as of Dec 30, 2020, while FIIs held 30.2 per cent, DIIs 7 per cent and public and others 16.2 per cent.