Monday, September 14
Shares of Gland Pharma climbed as much as 6.4% on Wednesday to Rs 2,090.20 on BSE, as multiple brokerages upgraded the stock and raised target prices, citing a successful turnaround of its European unit Cenexi and a sharp expansion in operating margins in the June quarter.Jefferies upgraded the stock to 'Hold' from 'Underperform' and raised its price target to Rs 1,950 from Rs 1,350, stating that “Gland Pharma’s earnings have bottomed out” and that “the Cenexi breakeven leads to in-line EBITDA.” Jefferies also noted that while the company’s US performance was soft, full-year guidance remained strong, with mid-teens growth expected.Motilal Oswal was more bullish, retaining a 'Buy' rating and raising its price target to Rs 2,340, implying a 19% upside from the previous close. The
Shares of Reliance Infrastructure and Reliance Power have tumbled up to 19% over the past six trading sessions amid an ongoing investigation into an alleged Rs 17,000 crore loan fraud involving the Anil Ambani-led companies.On Wednesday, Reliance Infrastructure shares dropped over 4% to the day’s low of Rs 267. Meanwhile, Reliance Power shares fell 5% to a low of Rs 43.In a recent update, the Enforcement Directorate (ED) questioned Reliance Group chairman Anil Ambani on Tuesday as part of its money laundering probe linked to the alleged bank loan fraud.According to a report by ET Bureau, Ambani has sought seven days to furnish documents about the queries posed to him by the EDThe ED will question Amitabh Jhunjhunwala, a former close aide of Ambani, on Wednesday. On Thursday, it will ques
