Sell Glenmark Pharmaceuticals, target price Rs 470: ICICI Direct

ICICI Direct has sell call on Glenmark Pharma with a target price of Rs 470. The current market price of Glenmark Pharma is Rs 502.

Time period given by analyst is Intra Day when Glenmark Pharmaceuticals Ltd. price can reach defined target.
Glenmark Pharmaceuticals Ltd., incorporated in the year 1977, is a Mid Cap company (having a market cap of Rs 13956.04 Crore) operating in Pharmaceuticals sector.

Glenmark Pharmaceuticals Ltd. key Products/Revenue Segments include Pharmaceuticals, Other Operating Revenue and Sale of services for the year ending 31-Mar-2021.

Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 3023.54 Crore, up 5.41 % from last quarter Total Income of Rs 2868.39 Crore and up 25.81 % from last year same quarter Total Income of Rs 2403.30 Crore. Company reported net profit after tax of Rs 306.53 Crore in latest quarter.

Investment Rationale
Price breakdown below a bearish flag-like formation as it reacted lower after testing 20 days EMA

Promoter/FII Holdings
Promoters held 46.6 per cent stake in the company as of Dec 30, 2020, while FIIs held 30.2 per cent, DIIs 7 per cent and public and others 16.2 per cent.