Gland Pharma slipped 3.29% to Rs 1,252 on profit selling after recent steep gains.
Shares of the pharmaceutical company jumped 10.16% in the past three sessions to end at Rs 1,282 yesterday from its recent closing low of Rs 1,163.80 on 20 March 2023.
On the BSE, 42,733 shares were traded in the counter so far compared with average daily volumes of 52,486 shares in the past two weeks. The stock hit a high of Rs 1,323 and a low of Rs 1,226.55 so far during the day.
The stock hit a 52-week high of Rs 3,556.1 on 21 April 2022. The stock hit a 52-week low of Rs 1,130.4 on 13 March 2023.
The stock had underperformed the market over the past one month, declining 2.93% compared with 2.68% decline in the Sensex.
Also Read
The counter had underperformed the market in past three months, falling 20.52% as against Sensex's 3.3% decrease.
The scrip had also underperformed the market in past one year, sliding 61.21% as against Sensex's 0.48% rise.
On the technical front, the stock's daily RSI (relative strength index) stood at 48.617. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On the daily chart, the stock was trading below its 50-day, 100-day and 200-day simple moving average (SMA) placed at 1,301, 1,495.44 and 1,924.20, respectively. These levels will act as crucial resistance zones in near term.
Hyderabad-based Gland Pharma has grown over the years from a contract manufacturer of small volume liquid parenteral products, to become one of the largest and fastest growing injectable-focused companies, with a global footprint across 60 countries, including the United States, Europe, Canada, Australia, India, and other markets.
The pharmaceutical company's consolidated net profit dropped 15% to Rs 231.95 crore on 11.8% decline in net sales to Rs 938.29 crore in Q3 FY23 over Q3 FY22.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
