Sharekhan Investor's Eye

Lupin Cluster: Apple Green Recommendation: Buy Price target: Rs1,130 Current market price: Rs960 Making the right decisions The recent events relating to Lupin are as follows: a joint venture with Aspen Pharmacare Holdings, South Africa,

request for conducting clinical trials of new anti-tuberculosis (TB) molecule,

the divestment of its stake in its Thai subsidiary,

the discontinuation of its Suprax marketing deal with Cornerstone and

the deal with Chester Valley Pharmaceuticals.

These are clear indications of the increased focus of the company on the high-revenue, high-margin regulated markets. We believe these events are important and pave the way for growth of the company in the future.