Ajanta Pharma share hits its 52-week high after the drug firm reported a 64 percent rise in its consolidated net profit for the quarter ended December.
Net profit rose to Rs 177 crore in Q3 on account of robust sales against net profit of Rs 108 crore for the corresponding period of the previous fiscal.
The stock has gained after 2 days of consecutive fall.
The stock opened with a gain of 3.06% at Rs 1799.65.
The stock touched an intraday high of Rs 1,879.45, rising 7.63% against previous close of Rs 1,746.15 on BSE. Later, the stock closed 3.03% or Rs 52.90 higher at Rs 1,799 on BSE.
Ajanta Pharma share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages
The share has gained 53.03% in one year and risen 10.1% since the beginning of this year.
Market cap of the firm rose to Rs 15,567 crore.
Consolidated revenue from operations of the company stood at Rs 749 crore for the quarter under consideration. It was Rs 651 crore for the same period a year ago.
Meanwhile, brokerage Motilal Oswal has given a buy call on Ajanta Pharma stock.
The brokerage has given a target price of Rs 2,030. "The brokerage remains positive on AJP on the back of: a) better operating leverage in US Generics, and b) outperformance in Branded Generics segment and better capacity utilization, given that it is done with major expansion program for the next 2-3 years."