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Cipla gains; CLSA says stock will 'outperform'
Sanjay Sinha, founder, Citrus Advisors, told NDTV Profit that concerns over the rupee and confusion over the implementation of the General Anti Avoidance Rules, or GAAR, are taking a heavy toll on the market sentiment. He is, however, hopeful that the Nif
04 May 2012, 10:47 AM IST 
TEPCO's power plant in Kawasaki, south of Tokyo.
Shares in Cipla gain 3.1 per cent to Rs 327.35 after CLSA upgrades the stock to "outperform" from "underperform", maintaining its 12-month price target at Rs 360.
The brokerage says it expects "strong" operating performance from Lexapro, an anxiety and depression drug, and a weaker rupee.
CLSA says nasal spray Dymista will also boost earnings as US sales ramp up. The brokerage also calls Cipla's valuations "reasonable" after recent sharp falls.
Separately, Cipla has cut the price of some of its cancer drugs, but company says no impact seen on revenues due to very low volumes of these drugs.
Copyright @Thomson Reuters 2012