India's Emcure Pharma hits record high as Kotak initiates with 'Add'

Emcure Pharmaceuticals

18/09/2024 07:11

** Shares of Emcure Pharmaceuticals  EMCU.NS  gain 3.4% to a
record high at 1545 rupees 
    ** Kotak Institutional Equities initiates with "Add", fair
value (FV) of 1,655 rupees  
    ** Kotak's FV on stock is higher than Jefferies' PT of 1,600
rupees; implies ~11% premium on last close 
    ** Says EMCU is one of the few Indian pharma firms with no
direct US generics exposure, thereby lending greater earnings
stability 
    ** Expects co to report 14% overall sales CAGR over FY24-27,
backed by past deals including in-licensing of Sanofi India
brands  SANO.NS , acquisition of Mantra Pharma 
    ** Kotak initiation follows Jefferies' addition of EMCU in
its India model portfolio
    ** Stock has gained ~10% since listing on July 10 

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))