Buy Dr. Reddy’s Laboratories, target price Rs 5020: Kotak Securities

Buy Dr. Reddy's Laboratories, target price Rs 5020:  Kotak Securities

Kotak Securities has buy call on Dr. Reddy’s Laboratories Ltd. with a target price of Rs 5020. The current market price of Dr. Reddy’s Laboratories is Rs 4876.35.

Dr. Reddy’s Laboratories Ltd., incorporated in the year 1984, is a Large Cap company (having a market cap of Rs 81017.12 Crore) operating in Pharmaceuticals sector.

For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 4896.70 Crore, up 10.85 % from last quarter Sales of Rs 4417.50 Crore and up 2.00 % from last year same quarter Sales of Rs 4800.80 Crore Company reported net profit after tax of Rs 764.50 Crore in latest quarter.

Investment Rationale
The formation of hammer candlestick patterns near the support zone suggest up move to pick up.

Promoter/FII Holdings
Promoters held 26.7 per cent stake in the company as of Sept 30, 2020, while FIIs held 29.8 per cent, DIIs 13.9 per cent and public and other 29.5 per cent.

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