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Analysts' corner

Dr Reddy's Labs & Indraprastha Gas

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DR REDDY’S LABS
Reco price: Rs 1,709;
Target price: Rs 1,950
Dr Reddy’s (DRRD) has filed an abbreviated new drug application for singulair granules oral formulation, used for treatment of asthma in children. Innovator Merck has sued DRRD for infringement of a patent on this, which expires in October 2022. This product has $80 million annual sales in the US. DRRD can launch earliest in September 14, after expiry of a 30-month stay on generic launch. Mylan and Teva could be the first to file on this product. Overweight.

HSBC Global Research

INDRAPRASTHA GAS
Reco price: Rs 346;
Target price: Rs 426
The Petroleum and Natural Gas Regulatory Board (PNGRB) has issued an order on network rates and compression charge for (IGL);. Against IGL’s proposed Rs 7.8/scm of network rate and compression charge, the PNGRB has allowed a mere Rs 3.1/scm, a decline of Rs 4.7/scm. Even after allowing for a marketing margin over and above this (the quantum of which, however, is uncertain), the order comes as a significant negative surprise, leading to a potential downside of 45-65 per cent to Citigroup’s Ebitda. Under this scenario, IGL will struggle to make even normative returns on the capital it has invested in the business. Maintain buy.

Citigroup

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Analysts' corner

Dr Reddy's Labs & Indraprastha Gas

Dr Reddy’s (DRRD) has filed an abbreviated new drug application for singulair granules oral formulation, used for treatment of asthma in children. Innovator Merck has sued DRRD for infringement of a patent on this, which expires in October 2022. This product has $80 million annual sales in the US. DRRD can launch earliest in September 14, after expiry of a 30-month stay on generic launch. Mylan and Teva could be the first to file on this product. Overweight.

DR REDDY’S LABS
Reco price: Rs 1,709;
Target price: Rs 1,950
Dr Reddy’s (DRRD) has filed an abbreviated new drug application for singulair granules oral formulation, used for treatment of asthma in children. Innovator Merck has sued DRRD for infringement of a patent on this, which expires in October 2022. This product has $80 million annual sales in the US. DRRD can launch earliest in September 14, after expiry of a 30-month stay on generic launch. Mylan and Teva could be the first to file on this product. Overweight.

HSBC Global Research

INDRAPRASTHA GAS
Reco price: Rs 346;
Target price: Rs 426
The Petroleum and Natural Gas Regulatory Board (PNGRB) has issued an order on network rates and compression charge for Indraprastha Gas (IGL);. Against IGL’s proposed Rs 7.8/scm of network rate and compression charge, the PNGRB has allowed a mere Rs 3.1/scm, a decline of Rs 4.7/scm. Even after allowing for a marketing margin over and above this (the quantum of which, however, is uncertain), the order comes as a significant negative surprise, leading to a potential downside of 45-65 per cent to Citigroup’s Ebitda. Under this scenario, IGL will struggle to make even normative returns on the capital it has invested in the business. Maintain buy.

Citigroup

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