Concord Biotech Shares Up 3% on Positive Outlook from Analysts
Concord Biotech shares were trading 3% higher on September 22nd after Kotak Institutional Equities and Antique Broking initiated coverage of the company with a positive outlook on the stock.
Both brokerages cited the company’s expertise in high entry barrier fermentation active pharmaceutical ingredients (API) segment and strong underlying demand trends as key reasons for their bullish stance.
Kotak Institutional Equities has an ‘add’ rating on the company’s stock and has set a target price of Rs 1,110 per share, while Antique Brokings has a ‘buy’ rating and has set a target price of Rs 1,340 per share.
At 1.45 pm, Concord Biotech stock was quoting at Rs 988.90, up Rs 22.45, or 2.32 percent on the NSE.
In its results for the April-June quarter, the company reported a 7.73% year-on-year (YoY) rise in revenue from operations at Rs 195 crore. Net profit for the quarter increased 10.20% YoY to Rs 54 crore. The operating profit margins for the quarter expanded by 100 basis points on a yearly basis to 37 percent.
Concord Biotech is engaged in the business of biotechnology and pharmaceuticals. The company specializes in the research, development, and manufacturing of active pharmaceutical ingredients (APIs) and intermediates for various therapeutic applications.
- 22 Sep
HDFC Bank stock expected to re-rate in next 12-18 months, says Motilal Oswal’s Nitin Aggarwal
Aggarwal is bullish on HDFC Bank's long-term prospects, but he believes that investors should wait and see how the bank executes in the near term.
- 22 Sep
Sai Silks’ IPO attracts lukewarm response, analysts raise concerns
Sai Silks Kalamandir's IPO received a lukewarm response with a subscription rate of just 0.07 times. Analysts have raised concerns about the company's high debt levels, intense competition in the industry, and the fact that half of the issue size is an OFS. The company also has 30 percent of its promoter holdings pledged. Despite these concerns, the company's management is confident about its growth prospects.
- 22 Sep
PSU bank shares make a comeback on JPMorgan’s index inclusion decision
PSU bank shares made a strong comeback on September 22, after JPMorgan's decision to include Indian government bonds in its emerging-market index boosted investor sentiment. However, analysts are urging caution with regard to the PSU bank space, citing the risks of investing in smaller PSU banks and the potential for divestment in some of the larger banks. Investors should carefully consider the risks and rewards before investing in PSU bank shares.
- 22 Sep
SEBI penalizes 11 entities for non-genuine trades in illiquid stock options segment
The Securities and Exchange Board of India (SEBI) has penalized 11 entities for non-genuine trades, fined 2 entities for flouting disclosure rules, and suspended the registration of 1 research firm for violating regulatory norms. SEBI's actions are a reminder to market participants that they must comply with all regulatory requirements. Investors should be aware of these risks and take necessary precautions to protect themselves.
- 22 Sep
Zaggle Prepaid Ocean Services Stock Makes Weak Debut, Analysts Recommend Selling
Zaggle Prepaid Ocean Services stock made a muted debut on bourses on September 22, listing at a premium of just 0.6% over the IPO price. Analysts have recommended selling the stock on the opening day, citing its high P/E valuation, debt-to-equity ratio, and negative cash flow.