 "Torrent Pharma hits lifetime high")
Torrent Pharmaceuticals has rallied 5% to Rs 1,680, extending its month long rally on the bourses in otherwise weak market, after the company reported a strong set of numbers for the first quarter ended June 2015 (Q1FY16), on account of a new product launch in the US.
The stock hit a lifetime high of Rs 1,720 on the BSE in intra-day trade. Post Q1 results, it rallied 30% from Rs 1,327 on July 23, compared to 8% decline in the S&P BSE Sensex.
The drug maker had reported 75% year-on-year (YoY) rise in consolidated net profit at Rs 449 crore for Q1FY16 against Rs 256 crore in the corresponding period of previous fiscal.
The financial performance for the quarter was driven by niche opportunity (g?Abilify) and low base of past year in Domestic formulation (DF) segment.
Analyst at IndiaNivesh Securities expects business opportunity from g?Abilify to continue in near term as approval for other companies is yet to kick in. Torrent Pharma is in process of ramping its ANDA pipeline for US market through in?house R&D as well as through M&A route.
“We remain positive on the stock on the back of increased R&D effort towards building robust ANDA pipeline for US market and sustained outperformance in domestic formulation market,” analysts said in a report dated July 29, 2015.
The stock hit a lifetime high of Rs 1,720 on the BSE in intra-day trade. Post Q1 results, it rallied 30% from Rs 1,327 on July 23, compared to 8% decline in the S&P BSE Sensex.
The drug maker had reported 75% year-on-year (YoY) rise in consolidated net profit at Rs 449 crore for Q1FY16 against Rs 256 crore in the corresponding period of previous fiscal.
The financial performance for the quarter was driven by niche opportunity (g?Abilify) and low base of past year in Domestic formulation (DF) segment.
Analyst at IndiaNivesh Securities expects business opportunity from g?Abilify to continue in near term as approval for other companies is yet to kick in. Torrent Pharma is in process of ramping its ANDA pipeline for US market through in?house R&D as well as through M&A route.
“We remain positive on the stock on the back of increased R&D effort towards building robust ANDA pipeline for US market and sustained outperformance in domestic formulation market,” analysts said in a report dated July 29, 2015.