Indoco Remedies Limited up by 17.46% | Espresso Market Updates

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Espresso shot of the day – Indoco Remedies Ltd up by 17.46 percent

May 26, 2021
Espresso shot of the day – Indoco Remedies Ltd up by 17.46 percent

INDOCO REMEDIES LTD 397.65 (+17.46 %) BSE – INE873D01024 | 26TH MAY 2021

In 1945, Late Mr. Govind Ramnath Kare founded Indo-Continental Trading Company in Goa, the principal business of which was to import pharmaceutical formulations from Europe and distribute them in the Western India. However, in 1947, after India’s independence, one of the first endeavours of the Indian Government was to foster manufacturing of indigenous products. To encourage this, import of various items including several pharmaceutical products were banned. Thus, Mr. Kare ventured into the manufacturing of pharmaceuticals and accordingly on Aug 23, 1947, a week after India's independence, Indoco was founded with the intent to manufacture and sell pharmaceutical formulations. Thus, Indo Continental Trading Company became Indoco Remedies Limited.

Recent Drivers

  • On May 26, 2021, Indoco Remedies Limited quarterly net profit at Rs 25 crores in March 2021, up 366.42% from Rs 5.36 crores in March 2020.
  • On May 26, 2021, Indoco Remedies Limited net sales at Rs 305.14 crores in March 2021, up 12.19% from Rs 271.99 crores in March 2020.
  • On May 25, 2021, Indoco Remedies Limited has approved dividend of Rs 1.50 per share (75%) on face value of Rs 2 each for the financial year 2020-2021.
  • Indians purchased medicines worth Rs 15,662 crores in April 2021, 51.5% more than a year ago, with the huge jump being primarily because of the depressed sales of last April and the demand surge resulting from the second wave of the COVID-19 pandemic. In terms of companies, manufacturers saw a sales growth.
  • On March 9, 2021, Indoco Remedies announces the launch of Brinzolamide Ophthalmic Suspension 1% in the United States, the first generic version of AZOPT by Teva Pharmaceuticals. The product is developed and manufactured by Indoco Remedies for TEVA at its facility in Goa.


 (Sources: Moneycontrol, Livemint, Business Standard, BSE India)

Technical Force*

  • S&P BSE 500 month till date gain up by 5.32%
  • Traded on new 52-week-high value of 406.25
  • Touched upper circuit 406.25
  • 3 months avg. volume of NSE: 3,41,478
  • Quantity traded: 8,42,731 | Deliverable quantity: 2,08,254 (24.71%)
  • Stock price has jumped more than 110% from one year low level: 190 (May 28, 2020)
  • Daily RSI (14) is in Overbought territory today
  • 52-week-high: 406.25 | 52-week-low: 190

Key Pivot  (Yearly)

R4

R3

R2

R1

PP /FIB PP

S1

S2

S3

S4

Pivot Point

-

527.42

419.28

361.77

253.63

196.12

87.98

30.47

-

Fibonacci Pivot

419.28

356.01

316.91

291.73

253.63

215.53

190.36

151.26

87.98


Today’s Close

397.65

SMA

BSE

10 DAY

352.73

20 DAY

347.63

50 DAY

318.38

200 DAY

284.99

Some Key Ratios (Source: BSE)

Market Cap: 3,664.36 crores

PE: 39.66

OPM%: 17.05

ROE%: 12.02

Promoters holding%: 58.69

Prev. Close: 338.55

*Chart And Technical Force data taken from the Binge desktop app.

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Chandresh Khona
by Chandresh Khona

Product Offerings Head

A teacher, writer, travel buff and now Espresso's Product Offerings Head. Ten years here has allowed me to lead the digital team at Sharekhan. My true passion lies in stock market charts.