On September 25, 2020, Granules India
said that we hereby inform you that we do not confirm or deny the information contained in the aforementioned news
article. If and when an event that requires a disclosure as per Sebi provisions, we shall make necessary disclosures in accordance with the SEBI Listing Regulations, it said.
The company had said the above in clarification to a media report.
The company is into active pharmaceutical ingredients (APIs) and contract research and manufacturing (CRAMS).
ICICI Securities maintains ‘buy’ rating on Granules India
with target price of Rs 460 per share on strong backward integration remains key strength for company in steep competitive generic market. The brokerage firm said that it likes the company’s clear vision to play on its strength of economies of scale, gradually expand to more complex products/forms to improve margins. Sustained margin expansion is likely to support free cash flow (FCF) generation despite brownfield capex lined up till FY23E, it said.
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