Piramal Pharma's shares were buzzing in trade on Tuesday, as the scrip rallied up to 8.3 per cent to hit an intraday high of ₹272 apiece before settling 3.74 per cent higher at ₹260.55 per share, even as the BSE Sensex closed 1.30 per cent lower at 80,684.45.
The surge in Piramal Pharma shares came after domestic brokerage JM Financial initiated coverage with a 'buy' for a target price of ₹340. This reflects an upside of 30.5 per cent from Tuesday's close.
Analysts at JM Financial predict that by 2028, the Indian Contract Research, Development, and Manufacturing Organisation (CRDMO) industry will double compared to FY23 levels, solidifying India's position as a key emerging destination for innovator companies seeking partnerships.
And, Piramal Pharma, analysts believe, stands out among its listed Indian CRDMO peers. This is due to its differentiated offerings, global manufacturing footprint, and comprehensive end-to-end capabilities.
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