Morepen Laboratories appears to be promising multibagger penny stock

[Shivarama Karkala]

I have my eye on Morepen Laboratories for a long time.

It is looking quite promising and may have multibagger prospects if all works out well.

I already have 28000 shares in my portfolio so my views may be biased. Take with pinch of salt.

Recently, Morepen Laboratories received the prestigious ISO-13485 certification from BSI (British Standards Institution, UK) for its state-of-the-art medical devices manufacturing facility at Baddi (Himachal Pradesh).

The certification has been awarded for the manufacturing, distribution and aftersales service of all point-of-care diagnostic medical devices and their accessories manufactured at the company's facility in Baddi, the company said in a filing to the exchanges.

The press release stated that experts rigorously audited the manufacturing facility and management systems, and the company was awarded the certification based on the comprehensive audit procedures undertaken by the notified body.

Sushil Suri, Chairman and Managing Director, Morepen Laboratories, pointed out that the ISO-13485 certification opens new vistas for Morepen to export its diagnostic devices to various countries across the globe and also to seek CE (Conformité Européene) Certification for the European Union.

Having complied with all the important technical and regulatory guidelines for the Quality Management Systems as per ISO-13485, the company is confident of securing CE certification for its products as a next step," said .

Earlier this month, the company received the license to manufacture Hydroxychloroquine (HCQ) from State Drug Controller, (HP) for its Baddi plant in Himachal Pradesh.

So, I am very bullish about Morepen for a target price of Rs 50 with stop loss of Rs 10.