Shares of IOL Chemicals and Pharmaceuticals Ltd rose sharply in Tuesday's trade after the firm announced successful completion of site inspection by ANVISA, Brazil GMP (Good Manufacturing Practices).
"We are pleased to inform you that the company has successfully completed the Brazilian Health Regulatory Agency (ANVISA) GMP audit of all the 10 APIs manufacturing Units situated at Barnala, Punjab without any observation. The inspection was conducted from March 11, 2024 to March 15, 2024," it stated in an exchange filing.
The stock surged 13.94 per cent to hit a day high of Rs 411.90. It saw heavy trading volume today as around 1.18 lakh shares were seen changing hands on BSE. The figure was higher than the two-week average volume of 35,000 shares.
Turnover on the counter came at Rs 4.71 crore, commanding a market capitalisation (m-cap) of Rs 2,381.98 crore. There were 25,911 buy orders against sell orders of 15,643 shares.
On technical setup, the counter was trading higher than the 5-day, 10-, 20-day and 30-day simple moving averages (SMAs) and but lower than the 50-day, 100-, 150-day and 200-day SMAs. The stock's 14-day relative strength index (RSI) came at 53.78. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company's stock has a price-to-equity (P/E) ratio of 12.30 against a price-to-book (P/B) value of 1.34. Earnings per share (EPS) stood at 29.38 with a return on equity of 10.86.
"IOL Chemicals looks bullish on daily charts with strong support at Rs 368. A daily close above resistance of Rs 419 could lead to a upward target of Rs 469 in the near term," said AR Ramachandran from Tips2trades.