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Poly Medicure stock may rise by 20% by April 2021

BusinessPoly Medicure stock may rise by 20% by April 2021

The Indian medical devices market is the fourth largest in Asia after Japan, China and South Korea. The current market size is about $11 billion including implants, consumables and medical electronics. Analysts tracking the sector expect the market size to grow at a CAGR of 9-11% over the next five years and reach the $50 billion mark by 2025. There is a growing preference towards “Made in India” and a shift towards India for contract manufacturing, dual sourcing and predictable trade. Med Tech companies are looking towards India for new sourcing and supply chains alternatives due to tariffs and high dependency on South East Asian countries. This creates new contract manufacturing opportunities for companies like Poly Medicure Ltd. Poly Medicure, a manufacturer of medical devices and disposables, is a north India based company with state-of-the-art manufacturing facilities in Faridabad, Jaipur and Haridwar. It is the first company in the country to have four overseas manufacturing facilities in Egypt, Netherlands, Italy and China, ensuring that the products maintain the highest global standards. Polymed posted good Q2FY2020 financial numbers with net sales at Rs 190 crore, up 16.55% from Rs 163 crore in September 2019, while the net profit stood at Rs 33.24 crore, up 22.99% from Rs 27 crore for the same quarter of the last fiscal. With infections on the rise across the world and new medical institutions opening up, Polymed products are much in demand and expected to grow at a faster pace. The management expects the second half of the year to be as strong as the first half of the year. Poly Medicure is also scheduled to meet on 8 December 2020 to consider and approve a fund raising proposal. It will be interesting to know the future plans of the company in the next one week. The Poly Medicure stock has been hovering around Rs 495 levels and analysts expect some surprise announcement in the next few weeks and expect the stock to appreciate by 20% by March-April 2021.
Rajiv Kapoor is a share broker, certified mutual fund expert and MDRT insurance agent.

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