Shilpa Medicare rose 2.65% to Rs 387 after the company said its board approved establishing wholly-owned arms in Canada and Spain for business operations.
The board of Shilpa Medicare, on Tuesday, 5 May 2020, approved the establishment of wholly-owned subsidiary each in Canada (North America) and Spain (Europe) for the business operations of the company. The announcement was made after market hours yesterday, 5 May 2020.
Last month, Shilpa Medicare has launched the Indian branded generic named, 'Dasashil'. It is first branded generic anticancer drug with all dosage strength 20/50/70/100 mg tablets, which is used for the treatment of Chronic Myeloid Leukaemia (CML).
On the technical front, the stock's RSI (relative strength index) stood at 59.018. 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 moving average (DMA) placed at 371.02 and its 200-day moving average (DMA) placed at 316.37.
Shilpa Medicare's consolidated net profit surged 248.7% to Rs 55.06 crore on a 36.57% jump in net sales to Rs 236.85 crore in Q3 December 2019 over Q3 December 2018.
Shilpa Medicare is engaged in the business of manufacturing of bulk drugs or active pharmaceutical ingredient (API) and intermediates, and wind power generation. The company's segments include bulk drug/intermediates and energy. It deals with APIs, intermediates, formulations, new drug delivery systems, peptides/biotech products and specialty chemicals.
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