Eris Lifesciences surged 5.13% to Rs 683.60 at 12:49 IST on BSE on reports a global brokerage house has initiated coverage with outperform call on the stock.
Meanwhile, the S&P BSE Sensex was down 45.20 points or 0.13% at 33,679.24.
On the BSE, 23,000 shares were traded on the counter so far as against the average daily volumes of 26,911 shares in the past one quarter. The stock had hit a high of Rs 687.15 and a low of Rs 664 so far during the day. The stock had hit a record high of Rs 728 on 14 July 2017 and a record low of Rs 510.50 on 11 August 2017.
The global brokerage house has reportedly set a target price of Rs 770 for Eris Lifesciences, implying 18.41% upside from yesterday's closing of Rs 770 on the BSE.
The research house believes existing business of Eris Lifesciences 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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