Shares of IOL Chemicals & Pharmaceuticals (IOLCP) extended their winning run for the third straight session in Thursday’s trade. The stock jumped 6.71 per cent to hit a day high of Rs 426.25 over its previous close of Rs 399.45 despite overall weakness in the domestic equity benchmarks.
A total of 1.55 lakh shares changed hands with a turnover of Rs 6.38 crore. The company’s market capitalisation or m-cap stood at Rs 2,390.49 crore. On BSE, there were 26,558 sell orders against buy orders of 19,476 shares. On NSE, a total of 45,60,273 shares changed hands with a turnover of Rs 188.35 crore.
At today’s high level of Rs 139.90, Lyka Labs has declined 20.58 per cent compared to its April high of Rs 536.70. That said, the stock has gained 44.44 per cent from its one-year low level of Rs 295.10, hit in March this year. Further, it has advanced up to 28.82 per cent in three days against a close of Rs 330.90 on Monday.
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The scrip has moved 20.37 per cent higher in the previous five sessions. On a year-to-date (YTD) basis, it has lost 15.61 per cent.
Analysts largely remained positive on the counter.┬аOne analyst suggested┬аRs 370 as a strong support level for the stock while another felt investors may accumulate it at current levels.
Manoj Dalmia, Founder and Director, Proficient Equities, said, “The IOLCP stock is in a consolidation phase. Investors can accumulate at current levels with a small risk as it is near support.”
A R Ramachandran from Tips2trades, said “With Covid-19 cases surging in China and expectation of a long-drawn lockdown possible, it is not surprising that IOLCP stock price is surging as demand for its pain killer could potentially soar. A daily close above Rs 406 could lead to higher targets of Rs 460 in the near term. Rs 370-372 will act as a strong support zone for the bulls.”
Meanwhile, Indian equity benchmarks fell sharply in today’s deals amid weakness in bank, automobile, metal and energy stocks.
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