Technical pick: Vaishali Parekh suggests this healthcare stock to buy

Brokerage firm Prabhudas Lilladher’s, Vaishali Parekh who is Vice President – Technical Research has suggested healthcare stock Dr Reddy’s Lab to buy this week. Parekh has set the target price of the healthcare stock at 6,500, sees an upside potential of 10.73 per cent.

“The stock has corrected well and has consolidated near 5700 levels to maintain a good base taking support and currently we anticipate a bounce back with strength and potential to rise further in the coming days,” Parekh said.

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“The RS has shown signs of positive bias and with good volume participation witnessed, we suggest to buy and accumulate this stock for an upside target of 6500 levels keeping the stop loss of 5650,” she added.

Dr Reddy’s shares was trading 1.29 per cent higher on Thursday, June 7. The stock closed at 5,899.40 per share, against previous close at 5,824 on Wednesday.

Dr. Reddy’s Laboratories Ltd., established in 1984, is a Large Cap company operating in the Pharmaceuticals sector, with a market capitalization of 96,680.36 crore.

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Dr. Reddy’s Laboratories Ltd.’s primary products/revenue segments comprise pharmaceuticals, license fees, other operating revenue, spent chemicals, Service Income, and scrap for the fiscal year ending on March 31, 2022.

For the quarter ended March 31, 2024, the company disclosed a consolidated total income of 7,311.30 crore, marking a decrease of 1.90 per cent from the preceding quarter’s total income of 7,453.00 crore and an increase of 13.29 per cent from the total income of 6,453.70 crore reported in the same quarter of the previous year. The company recorded a net profit after tax of 1,306.30 crore in the latest quarter.


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Published: 06 Jun 2024, 08:47 PM IST

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