Solara Active Pharma surges 19% on heavy volumes, hits record high

Shares of Solara Active Pharma Sciences hit a record high of Rs 1,245, up 19 per cent on the BSE, in the intra-day trade on Wednesday on the back of heavy volumes. Stock of the smallcap pharmaceutical company surpassed its previous high of Rs 1,114 touched on September 30, 2020.

Global brokerage Macquarie Capital Securities, on October 6, initiated coverage on the stock with an 'Outperform' rating and a target price of Rs 2,064 in bull-case scenario.

Analysts at the brokerage expect Solara's strategy of working with customers on a long-term basis (50-60 per cent contracts are long-term) rather than