India's Concord Biotech hits record high as Jefferies initiates with 'buy'

Concord Biotech

06/10/2023 09:07

** Shares of India's Concord Biotech  CONB.NS  jump as much
as 8% at 1,177 rupees, hitting a record high since its listing
on Aug. 18
    ** Stock on track for a second consecutive session gains if
trends hold
    ** Global brokerage Jefferies initiates coverage with "buy"
and TP at 1,260 rupees, implying 19% upside 
    ** Co targets fermentation-based products, which have high
entry barriers; its efficient manufacturing process has given it
market leadership in select immunosuppressant and antibacterial
APIs - Jefferies 
    ** Adds, a wide portfolio and adequate capacities should
drive revenue growth and operating leverage; estimates 30% PAT
CAGR (compound annual growth rate) over FY 23-26
    ** More than 370,000 shares change hands by 1:28 p.m. IST,
vs 30-day avg of 292,324

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))