India's Piramal Pharma jumps as Jefferies eyes margin growth in FY24

Piramal Pharma (Mumbai)

16/06/2023 06:41

** Shares of Piramal Pharma  PIRM.NS  jump as much as 5.15%
to 96.90 rupees - their highest since Feb. 8
    ** Jefferies says impact of good order book to be visible
from second half of FY24
    ** Starting FY24 with good order flow in contract
development and manufacturing organization (CDMO) business, co
says in analyst call
    ** Jefferies says CDMO turnaround to lead margin expansion
in FY24, employee addition to add $10 million of sales
    ** We factored in growth of 10.4% in complex hospital
generics, believe in scope of upward revision - analysts
    ** Rating house maintains "buy" rating and PT of 115 rupees,
upside of 26% to last close
    ** More than 10.6 mln shares traded by 10:52 a.m. IST, 1.2x
30-day avg
    ** YTD stock has fallen ~16% while Nifty Pharma index
 .NIPHARM  rose about 5% 

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