IOL Chemicals hits fresh all-time high in weak market; surges 20% in 3 days

Shares of IOL Chemicals & Pharmaceuticals hit a new all-time high of Rs 464.65 in the intra-day trade on the BSE on Thursday, in an otherwise weak market. The stock has surged 20 per cent in the past three days on the back of heavy volumes.

As compared to the average volumes in the previous fortnight, the trading volumes on the counter jumped 1.4 times today. A combined 2.18 million shares have changed hands on the BSE and NSE till 01:11 pm. In comparison, the S&P BSE Sensex was down 0.56 per cent at 34,675 points.

In the past eight trading days, the stock of the pharmaceuticals company has rallied 32 per cent after its board, on June 17, allotted 718,000 shares at Rs 205 per share to NCVI Enterprises Limited, a promoter group company.

"The shares were allotted upon exercise of the option attached with the warrants allotted on March 30, 2019. The said shares shall remain locked-in for a period of 3 years from the date of trading approval," IOL Chemicals said in exchange filing. READ HERE

In the past three months, the stock has zoomed 180 per cent as against 21 per cent rise in the benchmark S&P BSE Sensex. IOL is one of the leading APIs/ bulk drugs company and is a significant player in the specialty chemicals space with world-class facilities. IOL has wide presence across major therapeutic categories like, pain management, anti-convulsants, anti-diabetes, anti- cholesterol and anti-platelets.

Last month, the company was recognized as a 'Three Star Export House' by the Ministry of Commerce & Industry, Government of India. This, the company said, will facilitate it to expand its product portfolio in the foreign market.