Shilpa Medicare gains after board OKs setting up unit in Malaysia

Shilpa Medicare rose 1.64% to Rs 592.20 after the company said its board approved forming a wholly-owned subsidiary in Malaysia.

The stock has added 5.6% in three sessions while the benchmark S&P BSE Sensex shed 0.46% during the same period.

On the technical front, the stock's RSI (relative strength index) stood 60.422. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is currently trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 558.65, 501.16 and 418.84, respectively.

Shilpa Medicare is a global brand in manufacturing and supplying of affordable API and formulation globally in different regulated markets.

The company's consolidated net profit surged 474.7% to Rs 85.98 crore on 38.4% jump in net sales to Rs 222.86 crore in Q1 June 2020 over Q1 June 2019. EBITDA margin improved to 31% in Q1 FY21 compared with 19% in Q1 FY20.

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