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This is an archive article published on October 25, 2012

HSBC upgrades Lupin shares

HSBC also raised its target price to 650 rupees from 640 rupees.

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HSBC upgraded Lupin to 8216;overweight8217; from 8216;neutral8217;,saying the drug maker8217;s July-September earnings were higher than expected,while shares had under-performed peers over the past three months.

HSBC also raised its target price to 650 rupees from 640 rupees,adding Lupin is seeing healthy sales across regions,while highlighting near-term launches in the drug maker8217;s U.S. pipeline.

The drug maker on Tuesday said its July-September quarter net profit rose 9 percent to 2.91 billion rupees 54.32 million.

Lupin shares fell 0.3 percent to 561.15 rupees at 0348 GMT.

 

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