Thyrocare surges 26% in two days amid fresh Covid-19 scare

Thyrocare is diagnostic chains that conduct an array of medical diagnostic tests and profiles of tests that centre on early detection and management of health disorders and diseases.

Shares of Thyrocare Technologies moved higher by 10 per cent to Rs 769 on the BSE in Thursday's intra-day trade in an otherwise weak market. In the past two trading days, the stock of healthcare service provider has surged 26 per cent amid the fresh Covid-19 scare, as Covid cases soar in China.

Thyrocare is one of the leading pan-India diagnostic chains that conduct an array of medical diagnostic tests and profiles of tests that centre on early detection and management of health disorders and diseases.

In the private sector, Thyrocare is the pioneers in offering an entire range of laboratory services across the nation. Being among the top players, the company’s credentials earned over a quarter-century led to the Indian Council for Medical Research to sponsor us, among the top players in the private sector, to accept referrals from governments and civic bodies for Covid-19 testing through our fully automated testing facility at Navi Mumbai.

As laboratory service providers, Thyrocare is the first among the Covid frontline warriors. Thyrocare served as the sole COVID testing laboratory for MCGM for Seven Hills Hospital, Sion Hospital and NESCO Jumbo isolation facility.

A diagnostic laboratory that had not tested a single swab until February 2020, has today achieved built in capacity to process and report more than 50,000 swab samples, spread across three dedicated COVID testing laboratories. In the last year the company performed 4.72 million Covid-RTPCR investigations through its RTPCR laboratories.

Thyrocare commenced setting up Zonal Processing Laboratories (ZPLs) in 2021, to ensure that these ZPLs can effectively operate as COVID-RTPCR testing laboratories in the respective region and perform certain advanced tests that are currently managed from the centralised processing laboratory. Currently the company operates 3 ZPLs at Delhi, Bangalore and Kolkata respectively.

In the current situation, with no immediate respite available from COVID-19, the RTPCR test would be the most routine and common test. Besides, garnering business, this situation shall benefit organized players with huge testing capacities and a pan India logistic network. Simultaneously increased awareness about the health in small and medium cities is likely to ensure growth for the diagnostic industry, Thyrocare said in its FY22 annual report.

However, despite of past two days rally, in past one year, Thyrocare has underperformed the market by falling 24 per cent, as compared to 7 per cent rise in the S&P BSE Sensex.