Divi’s Laboratories shares were one of the top losers on Nifty50 on Wednesday and may fall further by up to Rs 300 per share says technical analyst Nilesh Jain. The stock was down by Rs 131 or nearly 4 per cent on the NSE and trading at Rs 3,283.50.  

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Jain, who is Assistant Vice President - Lead Derivative and Technical Research at Centrum Broking said that the chart structure reflects major damages, and the counter is staring at a possible downside of 10 per cent from the current levels.  

The stock has corrected from highs of Rs 3,829.10, it hit on 1 November, witnessing a fall of Rs 545 or 17 per cent.  

For now, the strategy is to hold the stock with a stop loss of Rs 3000.  

The analyst is not ruling out a pull back in the counter owing to the massive correction seen in this stock over the past few trading sessions. He suggested a sell on rise in this stock at levels between Rs 3500-3600.  

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He recommends a strict no if investors are willing to make fresh long positions.  

This Indian multinational pharmaceuticals company and producer of active pharmaceutical ingredients declared its September quarter results on Monday. The company recorded a consolidated total income of Rs 1935 crores for quarter ended 30 September, 2022 as against a consolidated total income of Rs 2007 crores in the corresponding quarter of the previous year.  

Profit before tax (PBT) for the quarter stood at Rs 615 crores as against a PBT of Rs 760 crores for the corresponding quarter of the last year, down 20 per cent YoY.  

Profit after tax (PAT) for the quarter amounted to Rs 494 crores, down 18 per cent as against a PAT of 606 crores for the corresponding quarter of the last year.  

Divi's Laboratory said that for the current quarter it has a forex gain of Rs 31 crores as against a loss of Rs 7 crores during the corresponding quarter of last year.  

The company has a Market cap of Rs 87,16,6.60 crores. 

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