Dr Lal PathLabs, Thyrocare slip on profit booking on Covid vaccine optimism

From March lows, the stock price of Thyrocare Technologies has been more-than-tripled and of Dr Lal PathLabs more-than-doubled on the BSE

Shares of diagnostics companies like Dr Lal PathLabs and Thyrocare Technologies slipped 8 per cent on the BSE on Tuesday on Covid-19 vaccine optimism.

The stock of Dr Lal PathLabs plunged 8 per cent to Rs 2,096, while Thyrocare Technologies dipped 7 per cent to Rs 1,052 on the BSE today. In comparison, the S&P BSE Sensex was up 1 per cent at 43,059 points, at 11:17 am.

From March lows, the stock price of Thyrocare Technologies has more-than-tripled from Rs 410 and of Dr Lal PathLabs more-than-doubled from Rs 1,182 on the BSE. Analysts attribute the sharp rally in these stocks to healthy operational income due to higher revenue from Covid-19 tests.

According to Reuters report, Pfizer Inc's experimental Covid-19 vaccine was more than 90 per cent effective based on initial trial results, the company said on Monday, a major victory in the fight against a pandemic that has killed over a million people and battered the world's economy.

Pfizer and its German partner BioNTech SE said they had so far found no serious safety concerns and expected to seek U.S. authorization this month for emergency use of the vaccine, raising the possibility of a regulatory decision as soon as December. CLICK HERE TO READ FULL REPORT