Laurus Labs bounces off 52-week low

Laurus Labs rose 1.92% to Rs 416.30, reversing recent steep losses on bargain hunting.

Shares of Laurus Labs dropped 10.43% in the past two sessions. The stock hit a 52-week low of Rs 401.45 today, 30 November 2022. The stock hit a 52-week high of Rs 626 on 19 April 2022.

The stock had underperformed the market over the past one month, falling 6.3% compared with 5.21% rise in the Sensex.

The scrip underperformed the market in past three months, sliding 28.01% as against Sensex's 5.95% rise.

The scrip had also underperformed the market in past one year, tumbling 18.02% as against Sensex's 10.54% rise.

On the technical front, the stock's daily RSI (relative strength index) stood at 31.16. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading below its 50-day, 100-day and 200-day simple moving average (SMA) placed at 483.36, 511.59 and 531.33, respectively.

Laurus Labs to offers a broad and integrated portfolio of Active Pharma Ingredients (API) including intermediates, Generic Finished dosage forms (FDF) and Contract Research services to cater to the needs of the global pharmaceutical industry.

On consolidated basis, the company's net profit rose 15.3% to Rs 232.81 crore on 30.9% jump in net sales to Rs 1,575.89 crore in Q2 FY23 over Q2 FY22.

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