Dishman Carbogen bounces back after 6-day losing streak

Dishman Carbogen Amcis jumped 8.18% to Rs 78 on bargain hunting after the company disclosed on Thursday that I-T searches at its premises concluded on 25 December 2019.

The income tax (I-T) officials visited the company's offices and manufacturing sites on 19 December 2019 in connection with search under Section 142 of the Income-Tax Act. The company extended full co-operation to the officials during the search and provided all the information sought. The search operation concluded on 25 December 2019.

The stock tanked 42.78% in six consecutive trading sessions to Rs 72.10 on 24 December 2019 from its previous closing high of Rs 126 on 16 December 2019.

Meanwhile, Motilal Oswal Asset Management Company sold 16.45 lakh shares of Dishman Carbogen on NSE at an average price of Rs 73.79. It sold 8.12 lakh share of the company on BSE at an average price of Rs 73.62. Both the transaction took place on Tuesday, 24 December 2019.

Dishman Carbogen Amcis' consolidated net profit declined 6.5% to Rs 41.16 crore on 4% rise in net sales to Rs 449.79 crore in Q2 September 2019 over Q2 September 2018.

The stock continued to trade below its 50-day moving average (DMA) placed at 124.54 as well as its 100 DMA placed at 152.12. These levels will act as resistance in near term.

Dishman Carbogen Amcis offers a portfolio of drug development and commercialization services to the pharmaceutical and biopharmaceutical industries at all stages of drug development.

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