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Poly Medicure is a leading medical devices company with a global presence (70% contribution from exports). Increased healthcare spending is the main growth driver as also shift in sourcing from unorganized to organized players. The company has been a steady performer and the present global health crisis is an opportunity to introduce new products add penetrate new markets. Keeping in mind its rich valuation, we have a neutral weight rating, however, long term growth prospects are good as the products are essential in building a good health infrastructure in the country. Formalization within the sector will enable the company to increase market share at the expense of unorganized sector. Exports de-risk the business model and recent award under PLI scheme could enhance growth – 05-08-2021 Price: 961.80 Rating: Neutral Weight Recommendation: Hold

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