India's Alkem Laboratories hits record high after Q2 profit jump

Alkem Laboratories

08/11/2023 07:41

** Shares of Alkem Laboratories  ALKE.NS  up as much as 6.8%
to all-time high of 4,300 rupees; biggest intraday pct jump
since May 13, 2022
    ** Drugmaker's stock closed 5.3% up on Tuesday after it
posted Q2 profit jump; on track to rise for ninth straight
session, if gains hold
    ** Nomura upgrades rating to "buy"; says easing pricing
pressure in U.S. to drive sales, cooling raw material costs to
improve margins
    ** Antique Stock Broking raises PT to 3,962 rupees from
3,496 rupees; says ALKE's margins to improve towards 19% by FY26
on growth in India and U.S. business
    ** Avg rating of 23 analysts tracking the stock at "hold";
median PT is 3,700 rupees - LSEG data
    ** Stock last up 5.7%, extending YTD gains to ~43% 
    

 (Reporting by Kashish Tandon in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))