Prabhudas Lilladher’s Vice President – Technical Research, Vaishali Parekh, has recommended buying healthcare stock Dr. Reddy’s Lab this week. Parekh has set a target price of ₹6,500 for the stock, indicating an upside potential of 10.73%. According to Parekh, the stock has corrected and consolidated around 5700 levels, showing a strong base and potential for a bounce back in the coming days.
The Relative Strength (RS) of Dr. Reddy’s Lab has shown positive signs with good volume participation, prompting Parekh to suggest buying and accumulating the stock for a target of 6500 levels while maintaining a stop loss at 5650. On June 7, Dr. Reddy’s shares were trading 1.29% higher, closing at ₹5,899.40 per share.
Established in 1984, Dr. Reddy’s Laboratories Ltd. is a Large Cap company in the Pharmaceuticals sector with a market capitalization of ₹96,680.36 crore. The company’s primary revenue segments include pharmaceuticals, license fees, other operating revenue, spent chemicals, service income, and scrap.
For the quarter ending on March 31, 2024, Dr. Reddy’s Laboratories Ltd. reported a consolidated total income of ₹7,311.30 crore, a decrease of 1.90% from the previous quarter and an increase of 13.29% from the same quarter the previous year. The company recorded a net profit after tax of ₹1,306.30 crore in the latest quarter.
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