Trading recommendations - Dec 20, 2003

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Glaxo - This is another scrip which we have picked at significantly lower levels of 380 vide our reco's dtd 05/07/03, 19/07/03, 14/08/03, 23/08/03, 30/08/03, 13/09/03, 20/09/03 and 11/10/03 ( click here to view our previous editions ). What makes this stock idea endearing is the fact that the company is the largest MNC in the segment, with the largest distributing network. Having re-structured operations by selling the Worli plant and implementing a VRS, the company is well geared to reap the benfits of the EMR regime from 2005 onwards as per WTO norms. We re-iterate our view that this counter is likely to hit big time in the next year.

Your call of action - 

• Investors / cash segment players - we advocate delivery based buying into the counter on all declines with a stop loss at 530 and a target of 700 - 725 be maintained by budget.

• Aggressive F&O traders - n/a

• Fixed income strategy - n/a

• Derivatives contract size - n/a

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