India's Alkem Laboratories slips after HSBC sees subdued earnings

Alkem Laboratories

04/10/2023 09:57

** Shares of Alkem Laboratories  ALKE.NS  fall as much as
3.39% to 3-month low of 3,452.40 rupees
    ** Drug maker among top losers in pharma index  .NIPHARM ,
which is down 1.75%
    ** Slide after HSBC cuts target price to 3,910 rupees from
3,945 rupees and reiterates "hold"
    ** HSBC expects ALKE to report subdued results in September
quarter due to slowdown in acute therapies, low volumes in
anti-infectives segments    
    ** Lowers India sales growth estimates to 7.9% for fiscal
2024 from earlier estimate of 9%
    ** Of the 22 analysts tracking ALKE, one has "strong buy",
three have "buy", nine "hold", five "sell" and four "strong
sell"; median TP is 3,600 rupees - LSEG data
    ** ALKE up 16.3% YTD, including session's slide, compared
with 19.5% rise in index  .NIPHARM 

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))