SPARC adds over 8% in two days

Sun Pharma Advanced Research Company (SPARC) jumped 6.87% to Rs 197.50, extending gains for the second day.

The stock has added 8.57% in two sessions, from its recent closing low of Rs 181.45 recorded on 6 May 2021.

In the past one month, the stock has zoomed 17.53% while the benchmark Sensex shed 0.08% in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 69.860. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day, 100-day and 200-day daily simple moving average (SMA) placed at 165.45, 176.10 and 175.73, respectively.

In a regulatory filing made on Sunday (9 May 2021), SPARC said that its board will meet on Wednesday, 12 May 2021, to consider and evaluate proposals for raising of funds in one or more tranches by way of issue of equity shares or securities/warrants convertible into equity shares of the company, through permissible modes including by way of Preferential Issue, subject to the receipt of necessary approvals.

Separately, the company informed that its board will meet on Monday, 17 May 2021, to consider and approve the audited financial results for the quarter and financial year ended 31 March 2021.

SPARC is engaged in research and experimental development on natural sciences and engineering. The company operates through pharmaceuticals research and development segment.

On a standalone basis, SPARC reported a net loss of Rs 67.62 crore in Q3 December 2020 as compared to a net loss of Rs 55.51 crore in Q3 December 2019. Net sales jumped 11.3% YoY to Rs 21.81 crore during the quarter.

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