Strides Pharma, Astral shares jump 5% on the back of August F&O series entry news– check details here

The shares of Strides Pharma and Astral Limited each jumped around 5 per cent to Rs 809.15 and Rs 2134 per share on the BSE intraday trade today as both the stocks made entry into Futures & Options (F&O) space for the August series, as per the exchanges.

Minutes after the market open, both Strides Pharma shares and Astral shares touched a day’s high level. The former is trading near 52-week high, which was hit on January 8, 2021, while the latter hit a new life high today in the early trade on the BSE intraday.

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At around 10:00 am, Strides shares are trading over 3 per cent higher at Rs 796.35 per share, while Astral shares are near 3 per cent to Rs 2089.85 per share, as compared to a 0.48 per cent rise in the S&P BSE Sensex Tuesday.

Both the stocks in the last five sessions have traded mute, however, the recent news of the addition of the counters in the F&O August series appeared to have given a push both scrips.

Strides Pharma Science Limited is a pharmaceutical company with a major focus on the development and manufacture of IP-led niche finished dosage formulations, and also among the world's largest manufacturers of soft gelatin capsules.

On the other hand, Astral Pipes manufactures manufacturing plumbing and drainage system pipes in India. It manufactures one of the best CPVC pipes and fitting manufacturers company with a wide range of pipes here, such as PVC Pipes, CPVC Pipes among others.

Strides Pharma is a small-cap company with a market capitalisation of Rs 7,116 crore, whereas Astral Limited is a mid-cap company with market capitalisation of over Rs 42,060 crore as per BSE data.

Futures and Options are contracts signed by two parties for trading a stock asset at a predetermined price on a later date. Such contracts try to hedge market risks involved in stock market trading by locking in the price beforehand.