The trigger for the momentum in the stock could not be ascertained but it is a low free-float stock. Such stocks typically witness sharp volatile moves, depending on developments.
At 2:50 pm, the stock was up 10 per cent at Rs 434.10 while benchmark Sensex was up 0.45 per cent at 44,023.29 points.
Despite being a BSE 500 stock, it is not rated by analysts. The stock is 72.12 per cent owned by its promoters while mutual funds own a mere 0.01 per cent in the drugmaker.
Foreign institutional investors’ (FIIs) holding in the stock has been declining since the quarter ended December 2019, and they currently hold a 4.63 per cent stake in the company.
The stock had been an underperformer on a long-term basis and has risen only 15.4 per cent over the last decade. However, it has jumped 32.5 per cent in the last one week, and 49 per cent in the last one month. It is up 85.6 per cent for the year to date.