Unichem Labs hits record high; stock soars 30% in one week

The stock hit a record high of Rs 339, up 12%, extending its past four days rally on the BSE.

Unichem Laboratories hit a record high of Rs 339, up 12%, extending its past four days rally on the BSE, after the media report suggested that Torrent Pharma is in talks to buy the company’s domestic business. The stock surpassed its previous high of Rs 334 touched on October 6, 2015 in intra-day trade.

In past one week, the stock of pharmaceuticals Company surged 30% from Rs 260, as compared to 1.6% rise in the S&P BSE Sensex.

On clarification of news report, Unichem Laboratories on Tuesday said that as and when an obligation arises, rest assured an announcement will be made.

“We wish to state that nothing has occurred that requires complaint reporting or confirmation of any development. At this stage any further comment would fuel speculation and would itself be violation of regulatory obligations,” it added.

At 11:49 AM; the stock was up 9% at Rs 331 on the BSE, as compared to 1.1% rise in the S&P BSE Sensex. The trading volumes on the counter nearly doubled with a combined 769,242 shares changed hands on the BSE and NSE so far.