Laurus Labs - Quick Comment - ICICI Securities

Shares of Laurus Labs have been split on September 29, 2020 (ex-date) pursuant to the board and shareholder approval granted for sub-division of shares in its meetings on April 30, 2020 and July 9, 2020, respectively. The record date for the same has been fixed as September 30, 2020. Subsequently, the shares of the company have been split in the 1:5 ratio - an equity share with existing face value of Rs. 10 has been sub-divided into five equity shares of Rs. 2 face value each. Consequently, the share price has changed to Rs. 292/share from Rs. 1460/share. Accordingly, our target price has also been revised to Rs. 325/share from Rs. 1620/share earlier. After the recent run up, the stock offers limited upside from here on. We change our recommendation from BUY to HOLD. Our target price is based on 22x FY23E EPS (revised) of Rs. 14.7. We will revisit the target price for a possible change in the next update.

For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_LaurusLabs_QC_Sep20.pdf

Shares of Laurus Labs Ltd was last trading in BSE at Rs.289.15 as compared to the previous close of Rs. 1459.8. The total number of shares traded during the day was 459262 in over 17115 trades.

The stock hit an intraday high of Rs. 308 and intraday low of 284. The net turnover during the day was Rs. 135206562.

Source : Equity Bulls

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