Abbott India rises over 9% in two sessions

Abbott India advanced 3.51% to Rs 15,999, extending gains for the second straight session.

Shares of Abbott India jumped 9.11% in two trading sessions to its current market price of Rs 15,999 from its recent closing low of Rs 14,663 on Monday, 17 February 2020.

Abbott India announced on Tuesday that Jawed Zia has resigned from the board of the company effective close of business hours on February 29, 2020. This is consequent to his resignation from the services of Abbott due to personal reasons.

Ambati Venu will be taking up a new role as vice president, established pharmaceutical products, within the Abbott Group in India with effect from March 1, 2020 and has, therefore, resigned as managing director of the company effective close of business hours on February 29, 2020.

Further, the board has, with a view to continue to leverage extensive experience held by Ambati in the areas of pharmaceuticals and his deep understanding and knowledge about the company's operations, approved his appointment as additional director (non-executive, non-independent), with effect from 1 March 2020, subject to approval of shareholders at the forthcoming annual general meeting.

In the past one month, the scrip surged 27.21% to its current market price of Rs 15,999.

On the technical front, the stock's RSI (relative strength index) stood at 82.639. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

Abbott India's standalone net profit rose 59.5% to Rs 186.69 crore on a 13.8% rise in net sales to Rs 1,078.25 crore in Q3 December 2019 over Q3 December 2018.

Abbott India has a portfolio of science-based offerings in diagnostics, medical devices, nutritionals and branded generic pharmaceuticals. Its business operations are divided into four business divisions: women's health & gastrointestine, gastroenterology and hepatic care; specialty care; gennext & vaccines, and consumer care.

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