Ajanta Pharma Shares At All-Time High After August Sales Data
Ajanta Pharma 'outperformed' the market, led by ophthalmology therapy, pain therapy, and dermatology, Motilal Oswal said.
Shares of Ajanta Pharma Ltd. surged to a record high on Wednesday after Motilal Oswal Financial Services said the company reported sales growth rates higher than the Indian pharma market in August.
Last month, among the top 20 pharma companies, sales of Ajanta Pharma Ltd. rose 11.6% year-on-year, while Intas Pharmaceuticals Ltd. recorded 10.9% growth, which is "notably higher" than the industry, Motilal Oswal said on Tuesday citing IQVIA data.
Ajanta Pharma "outperformed" the market, led by ophthalmology therapy, pain therapy, and dermatology, the brokerage said.
However, according to the All India Organisation of Chemists and Druggists, Ajanta Pharma did report higher-than-market growth of 5.7% in August, but it was not the highest. Mankind Pharma Ltd. reported the highest growth in August at 10%.
Source: BQ Prime
Shares of Ajanta Pharma was trading 6.41% higher at Rs 1826.55 apiece, compared to a 0.39% rise in the benchmark S&P BSE Sensex at 1:05 p.m. The shares rose as much as 10.91% to a record high of Rs 1,903.85.
The stock has risen 50.37% on a year-to-date basis. The total traded volume stood at 15 times its 30-day average. The relative strength index was 66.7.
Fourteen out of the 16 analysts tracking Ajanta Pharma maintain a 'buy' rating on the stock, one recommends a 'hold' and another suggests a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 1.8%.