Jubilant Life Sciences - Business getting back to normal– Upgrade to Accumulate ::Emkay

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Jubilant Life Sciences

Business getting back to normal– Upgrade to Accumulate

ACCUMULATE

CMP: Rs 163                                        Target Price: Rs 208

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n     Received two delayed Milestone payment in the drug discovery business from Astra and Endo

n     First US FDA approval from Roorkie plant for Donepezil in US market, which is backward integrated to API also

n     Commissioning of new Vitamin B3 (Niacinamide) plant underway

n     Upgrade the stock to Accumulate with a target price of Rs208 (8.5xFY13E EV/EBITDA)