Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, recommends buying Dr. Reddy’s Lab stock this week. She has set a target price of ₹6,500, predicting a potential upside of 10.73%.
“The stock has corrected well and consolidated around the ₹5,700 level, forming a good base. We expect a strong bounce back,” said Parekh.
She advises buying and accumulating Dr. Reddy’s stock with a stop loss at ₹5,650. Dr. Reddy’s shares were trading 1.29% higher on Thursday, closing at ₹5,899.40.
Dr. Reddy’s Laboratories Ltd., established in 1984, is a major player in the Pharmaceuticals sector with a market cap of ₹96,680.36 crore. For the quarter ending March 31, 2024, the company reported a total income of ₹7,311.30 crore and a net profit of ₹1,306.30 crore.
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