Jubilant Life Sciences Business back on growth trajectory – Upgrade to Buy::Emkay

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Jubilant Life Sciences

Business back on growth trajectory – Upgrade to Buy

BUY

CMP: Rs216                                        Target Price: Rs359

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n     Signed two long term contracts worth US$150mn in CRAMS for 3-4 years

n     These contracts which are in CMO and Pyridine business, expected to commence in H2FY12 and Q1FY13 respectively

n     Business is getting back on growth trajectory and new capacity additions in H2FY12 will provide further impetus

n     Upgrade the stock to BUY with a target price of Rs359 (10xFY13E EV/EBITDA)