IOL Chemicals & Pharma shares fall 4% on fag-end sell-off, pause 2-day winning run

Shares of IOL Chemicals & Pharmaceuticals (IOLCP) halted their two-day winning run on Thursday amid a sell-off in the last hour of trading. The stock settled 3.62 per cent lower at Rs 385 in volatile trade over its previous close of Rs 399.45. It jumped 6.71 per cent to hit an intraday high of Rs 426.25.

A total of 2.04 lakh shares changed hands with a turnover of Rs 8.33 crore. The company's market capitalisation or m-cap stood at Rs 2,260.16 crore. On NSE, a total of 58,83,018 shares changed hands with a turnover of Rs 240.87 crore.

At today's high level of Rs 139.90, the stock has declined 20.58 per cent compared to its April high of Rs 536.70. That said, the scrip has gained 44.44 per cent from its one-year low level of Rs 295.10, hit in March this year. Further, it has advanced 20.72 per cent in two days against a close of Rs 330.90 on Monday before settling lower today.

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The scrip has moved 15.95 per cent higher in the previous five sessions. On a year-to-date (YTD) basis, it has lost 18.62 per cent.

Analysts largely remained positive on the counter. One analyst suggested Rs 370 as a strong support level for the stock while another felt investors may accumulate it at current levels.

Manoj Dalmia, Founder and Director, Proficient Equities, said, "The IOLCP stock is now consolidating but could soon start moving again. Investors can increase their holdings at the current moment."

A R Ramachandran from Tips2trades, said "With Covid-19 cases surging in China and expectation of a long-drawn lockdown possible, it is not surprising that IOLCP stock price is surging as demand for its pain killer could potentially soar. A daily close above Rs 406 could lead to higher targets of Rs 460 in the near term. Rs 370-372 will act as a strong support zone for the bulls."

Meanwhile, Indian equity benchmarks fell sharply in today amid weakness in bank, automobile, metal and energy stocks.

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