Eris Lifesciences drops on profit booking

Eris Lifesciences fell 2.15% to Rs 749.70 at 9:33 IST on BSE, with the stock sliding on profit booking after recent rally.

Meanwhile, the S&P BSE Sensex was down 160.39 points or 0.48% at 33,442.37.

On the BSE, 3,870 shares were traded on the counter so far as against the average daily volumes of 36,064 shares in the past one quarter. The stock had hit a high of Rs 766 and a low of Rs 747.60 so far during the day. The stock had hit a record high of Rs 774 on 29 November 2017 and a record low of Rs 510.50 on 11 August 2017.

Shares of Eris Lifesciences had rallied 22.66% in the preceding four trading sessions to settle at Rs 766.15 yesterday, 29 November 2017, from its closing of Rs 624.60 on 23 November 2017.

As per recent reports, a global brokerage house has initiated coverage with outperform call on shares of Eris Lifesciences. The brokerage house has reportedly set a target price of Rs 770 for Eris Lifesciences. The research house believes existing business of the company to grow at 15% compound annual growth rate (CAGR) going forward and entry into new areas should boost growth.

On a consolidated basis, net profit of Eris Lifesciences rose 34.5% to Rs 93.14 crore on 25.3% rise in net sales to Rs 249.23 crore in Q2 September 2017 over Q2 September 2016.

Eris Lifesciences is one of the fastest growing companies within the chronic and acute categories of the Indian Branded Formulations market such as: cardiovascular; anti-diabetes; vitamins; gastroenterology and gynaecology.

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