Lupin Ltd said that its corporate social responsibility (CSR) arm, Lupin Human Welfare and Research Foundation (LHWRF) has signed a Memorandum of Understanding (MoU) with the Government of Rajasthan to strengthen the healthcare system. Its shares were trading at 715.25 apiece at 12:43 PM on Wednesday.
It will address the prevalence of Cardiovascular Disease (CVD) and Chronic Obstructive Pulmonary Disease (COPD) in the Alwar district of Rajasthan.
As per the MoU, LHWRF will work towards serving the local communities in Alwar through preventive, curative and support-based solutions focused on curing the diseases in the short term and reducing their prevalence in the long term. The program is planned to be rolled out in a phase-wise manner.
Lupin is an innovation-led transnational pharmaceutical company. It develops and commercializes a wide range of branded and generic formulations, biotechnology products, and APIs in over 100 markets in the U.S., India, South Africa, and across the Asia Pacific (APAC), Latin America (LATAM), Europe, and Middle East regions.
The drug maker reported a consolidated net profit of ₹ 129.7 crores in Q2 FY23 as against a net loss of ₹ 2,098 crores recorded in Q2 FY22. Its net sales rose by 2.2% year on year to ₹ 4,091.2 crores during the quarter.
Sharekhan is bullish on the shares of Lupin and had recommended a buy call on the stock in its research report dated November 14, 2022. It has given a target price of ₹ 855 per share which translates to an upside of 19.54%, as compared to its current share price.
Written by Simran Bafna
