Ipca Labs gives a sudden spurt on remediation news
Shital Jibhe / 11 Jan 2017
The stock of Ipca Labs, manufacturer and marketer of active pharmaceutical ingredients, surged as high as 6 per cent in intra-day trade where the stock witnessed impulsive upside of 5 per cent in last couple of minutes. Ipca Labs has initiated remediation of two formulation plants at Pithampur.
The stock of Ipca Labs, manufacturer and marketer of active pharmaceutical ingredients, surged as high as 6 per cent in intra-day trade where the stock witnessed impulsive upside of 5 per cent in last couple of minutes. Ipca Labs has initiated remediation of two formulation plants at Pithampur.
The stock of Ipca labs has been moving in consolidation since mid-November 2016 and is trading below its 50 days EMA at 572 levels on weekly basis. The stock may enter the positive trajectory if it crosses 590 levels in near term. The level 620 followed by 670 will act as medium term resistances for now.
The verification of the plants would be completed by March 2017. Out of four plants in Madhya Pradesh, the company holds two plants at Pithampur including one each in Pharma zone at Indore SEZ and at sector III, Industrial Area. The surge was observed after the news of remediation of its two formulation plants broke out.
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