India's Gland Pharma soars nearly 10% after Kotak upgrade

Gland Pharma

05/11/2024 05:50

** Gland Pharma Ltd  GLAD.NS  shares jump nearly 10% to
1,770 rupees, set for their best day since August 2023
    ** Kotak Institutional Equities upgrades drugmaker's stock
to "reduce" from "sell"; stock saw a 24% slump over the last
three months
    ** Brokerage says GLAD's Q2 earnings show slump has likely
bottomed out, sees sales growth for core business and French
unit Cenexi recovering gradually
    ** Kotak's PT of 1,625 rupees is second-highest among
analysts tracking stock - LSEG data 
    ** Investec, Motilal Oswal retain "buy"; Motilal sees
earnings growing 20% CAGR between FY25-27 after two years of
decline
    ** Around 2.7 mln shares traded, 11x stock's 30-day avg
volume
    ** Analysts tracking GLAD rate it "hold" on avg - LSEG data
    ** Stock trims YTD losses to 5.7% but trails Nifty Pharma
Index's  .NIPHARM  34% jump YTD 

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))