Falling reliance on China: Optimism grows for India's best-performing stock

Some analysts are turning even more bullish on India’s best-performing large-cap stock in 2020.

In just about two weeks, at least four brokerages have raised their price targets on the shares of Divi’s Laboratories Ltd. -- one of the top producers of active pharmaceutical ingredients -- with Jefferies India Pvt.’s estimate of an almost 20% gain over the next 12 months being the most bullish in data compiled by Bloomberg.

The optimism is stemming from the company’s capacity-expansion plans and potential to win more business as India cuts its reliance on Chinese suppliers.

”Capital discipline has been one of the hallmarks of this