Research house Nirmal Bang has suggested buy call for Lupin with target price of Rs 633. Nirmal Bang has said in its research report dated 11, May 2012 that the results are in expectations.

The major issue was forex loss and the one-time tax on inventory sold to overseas subsidiaries of the company.

The report suggested that the target multiple for Lupin is in line with its two-year average multiple. With company's strong earnings profile and its increased scale of operations in key geographies, the analysts at Nirmal Bang expect Lupin to perform better in coming quarters.

The stock closed marginally lower today at Rs 537. Lupin has touched a 52-week high and low of Rs 575 and 408 respectively. At current market price, the stock is trading with a P/E multiple of 29.

Technical expert Sudarshan Sukhani had suggested a buy call for Lupin in April.