Indoco Remedies zooms 20%, hits record high on strong Q1 results

Indoco is expected to post strong FY22 top line growth as Domestic sales normalize and grow amid opportunities arising out of post-Covid complications, ICICI Securities said

Shares of Indoco Remedies hit a record high of Rs 529.70 after they zoomed 20 per cent on the BSE in the intra-day trade on Thursday. The company reported a strong 40.2 per cent year on year (YoY) and 26.7 per cent quarter on quarter (QoQ) growth in revenue at Rs 386.8 crore for the quarter ended June 2021 (Q1FY22) on Wednesday on the back of a healthy growth in domestic markets due to traction for Covid portfolio during pandemic’s second wave.

The stock of the pharmaceutical company surpassed its previous high of Rs 495 touched on July 2,