Meanwhile, the BSE Sensex was down 105.19 points, or 0.36%, to 28,939.25.

On BSE, so far 14,000 shares were traded in the counter, compared with an average volume of 31,362 shares in the past one quarter.

The stock hit a high of Rs 385.60 and a low of Rs 363.90 so far during the day. The stock hit a 52-week high of Rs 435.40 on 1 December 2014. The stock hit a 52-week low of Rs 216.10 on 15 April 2014.

The stock had underperformed the market over the past one month till 13 April 2015, sliding 3.93% compared with 1.90% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 2.22% as against Sensex's 5.90% rise.

The small-cap company has an equity capital of Rs 16.20 crore. Face value per share is Rs 10.

The brokerage cited better business outlook and attractive valuations of Vivimed Labs.

The brokerage added that it estimates 29% compounded annual growth in the company's profits over fiscal year ending March 2015 to fiscal year ending March 2017.

On a consolidated basis, Vivimed Labs' net profit rose 8.27% to Rs 20.56 crore on 2.52% rise in net sales to Rs 343.71 crore in Q3 December 2014 over Q3 December 2013.

Vivimed Labs is a leading manufacturer and exporter of specialty chemicals mainly used in the personal-care and pharmaceutical industries.