IOL Chemicals Shares Surge As Brazilian Watchdog Ends Audit With No Observation
The stock rose as much as 13.81% during the day on the NSE.
IOL Chemicals & Pharmaceuticals Ltd. shares surged nearly 14% on Tuesday. The surge came after Brazilian Health Regulatory Agency completed the good-manufacturing-practice audit of a company facility without any observation.
The audit covered all the 10 active-pharmaceutical-ingredient units in Barnala, Punjab. The inspection was conducted from March 11–15, according to an exchange filing on Monday.
On the NSE, IOL's stock rose as much as 13.81% during the day to Rs 412 apiece, the highest since March 2. It was trading 12.71% higher at Rs 408 per share, compared to a 0.91% decline in the benchmark Nifty 50 at 10:25 a.m.
The share price has risen 43.89% in the last 12 months. The total traded volume so far in the day stood at 9.66 times its 30-day average. The relative strength index was at 53.69.
Two analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 28.3%.
