With rising number of Coronavirus cases in India, share price of sanitiser and mask manufacturer 3M India has gained 21% in last three sessions. Share price of 3M India which stood at Rs 20,137 on March 2 rose to Rs 24,348 intra day today, delivering 21% return since Monday.
3M India share price is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The large cap stock has gained 8.19% since the beginning of this year. However, the stock has lost 2.12% during the last one year.
3M India is a subsidiary of 3M Corporation and manufactures over 8,000 products including personal healthcare and safety products such as face masks and sanitisers.
With rising number of Coronavirus cases, demand for sanitisers and masks has been increasing. People in Delhi NCR have claimed surgical masks, which usually sell for Rs 10, were being sold for Rs 40 or higher, and N95 masks which sell for around Rs 150 were being sold for up to Rs 500.
People also complained about shortage of hand sanitisers in the market.
India has reported 29 cases of coronavirus so far which has prompted the government to issue travel and general health advisories to safeguard its citizens.
By Aseem Thapliyal