Molbio Diagnostics shares rallied over 9% on Wednesday after Jefferies initiated coverage on the recently listed stock with a 'Buy' call, calling the medical equipment maker its 'High-Conviction' top pick as it is among the few Indian innovation-led companies that have already demonstrated the success of its flagship platform, with several others in the pipeline to drive long-term growth.
The international brokerage fixed a target price of Rs 1,600 apiece for the shares of Molbio Diagnostics, implying 27% upside potential from the stock’s previous closing price of Rs 1,255.60 apiece. Notably, the target price implies over 98% rally from the IPO price of Rs 807 per share. The shares of the company jumped around 9% on Wednesday morning following the bullish call, jumping to Rs 1,369.20 apiece on NSE.
