India's Poly Medicure hits record high as Investec sees sustained growth

Poly Medicure

23/08/2023 06:46

** Shares of Poly Medicure  PLMD.NS  rise as much as 9.50%
to 1,575 rupees, a record high 
    ** Brokerage Investec initiates coverage with "buy", sets
target price set at 1,690 rupees, an implied upside of 18.7% 
    ** Largest Indian exporter of medical devices set for strong
earnings trajectory due to multiple industry tailwinds such as
govt support, import substitution and China +1 shift in export
markets- Investec
    ** Brokerage adds PLMD's foray into renal (kidney) care,
rising U.S. presence to aid revenue diversification
    ** Says PLMD's plans to expand capacity, strong execution
track record will support growth
    ** Trading volume at 624,802 shares as of 11:01 a.m. IST,
more than twice the 30-day avg - Refinitiv data
    ** PLMD up ~66% in 2023 so far, including session's gains

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