Being the top BSE gainer, shares of this pharmaceutical company were locked at the 20 per cent upper circuit! Do you own it?

In such a weak market, its strong price-volume breakout kept the bulls in the small-cap sector busy.

The Indian headline indices ended the session lower amid weak global cues. All sectors were trading down, with BSE Auto, BSE Consumer Discretionary and BSE Consumer Durables sectors bearing the brunt of the damage.  

BSE Healthcare was one of the worst performing sectors, ending 0.77 per cent lower, dragged down by shares of Aurobindo Pharma, which lost more than 11 per cent. While the majority of pharmaceutical stocks fell, investors were drawn to Neuland Laboratories by its robust upswing.   

Following the release of its Quarterly Results, shares of Neuland Laboratories, the top BSE Smallcap gainer, skyrocketed and were locked at a 20 per cent upper circuit with a 21-fold rise in volume. In such a weak market, its strong price-volume breakout kept the bulls in the Small-Cap sector busy. 

The total revenue was Rs 293.9 crore in Q2FY23, reflecting a boost of 13.9 per cent year-on-year, while the net profit soared significantly to Rs 38.3 crore, a growth of 88.6 per cent.  

For over 38 years, the company has been at the forefront of API manufacturing, working with customers in nearly 80 countries through its cGMP manufacturing facilities. Neuland Laboratories has created over 300 processes and 75 APIs, as well as filed over 900 regulatory filings in the United States, the European Union (EU) and other countries. 

Keep a close eye on this scrip for the upcoming sessions.