We had recommended a BUY on Ipca Labs as part of our strategy note “Diwali Dhamaka” on November 12, 2012, with a target price of Rs492. The stock has touched a high of Rs496 in today's trading session, a gain of 15.8% from our recommended price of Rs424. Though we remain positive on the underlying business of Ipca labs, we believe stock is fairly valued and upsides appear limited. We advise investors to book profit in the stock.
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