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Shares of Laurus Labs zoomed 12.44% in six trading sessions from its previous closing low of Rs 348.1 on 25 March 2021. The counter hit a record high of Rs 397.70 in intraday today. The stock has zoomed 448% from its 52-week low of Rs 71.38 recorded on 7 April 2020.
On the technical front, the stock's RSI (relative strength index) stood at 66.631. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock is trading above its 20 and 50 days simple moving average placed at 358.79 and 359.99 respectively. These levels will act as crucial support zones in near term.
Laurus Labs is one of the leading manufacturers of API for anti-retroviral (ARV), oncology, cardiovascular, anti-diabetics, anti-asthma, and gastroenterology. On a consolidated basis, the company's net profit jumped 271% to Rs 272.85 crore on a 76.6% rise in net sales to Rs 1288.42 crore in Q3 FY21 over Q3 FY20.
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