The stock has added 14.07% in five sessions from its recent closing low of Rs 593.15 recorded on 18 June 2021.

The scrip surged 9.17% to hit the day's high at 682.95, which is also a record high for the counter. The scrip has advanced 571.23% to currently trade at Rs 676.6, from its 52-week low of Rs 100.80 recorded on 29 June 2021.

In the past three months, the stock has zoomed 94.23% while the benchmark Sensex has added 8.91% during the same period.

On the technical front, the stock's RSI (relative strength index) stood at 81.854. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day, 100-day and 200-day daily simple moving average (SMA) placed at 525.22, 445.40 and 380.48, respectively.

In an exchange filing made after market hours yesterday, Laurus Labs said that the credit ratings agency CARE Ratings has upgraded the credit rating of the company's long term banking facilities to "CARE AA; Stable” from "CARE AA-; Positive".

CARE Ratings said that the revision in ratings is on account of significant improvement in the total operating income and profitability margins during FY21 driven by volume sales under formulation dosage forms (FDF) and generic active pharmaceuticals (API) such as antiretro-viral and oncology segment, generation of healthy cash accruals providing the adequate liquidity comfort, continued incremental demand from existing clientele in non-ARV (anti-retroviral) segment, completion of strategic acquisitions to augment growth in formulation and synthesis division.

The ratings continues to derive strength from experienced promoters having long-term presence in the pharma industry, strong product portfolio with perceptible presence in ARV, Oncology and Hepatitis C therapeutic segments, reputed and geographically diversified customer base with strong flow of repeat business mitigating the sustainability of revenue risk, comfortable capital structure and improved debt coverage indicators, regulatory approvals from various regulators for the manufacturing and Research and Development (R&D) facilities of Laurus and stable outlook for the pharmaceutical industry.

The ratings are, however, constrained by elongated operating cycle, concentration of revenue in terms of product and therapeutic segments & customers, ongoing capex for addition in capacity for formulations, APIs and for developing R&D capability, exposure to regulatory risk and foreign exchange fluctuation risk.

Laurus Labs is a leading research-driven pharmaceutical manufacturing company in India. It has grown to become one of the leading manufacturers of API for Anti-Retroviral (ARV), oncology, cardiovascular, anti-diabetics, anti-asthma, and gastroenterology.

The drug maker's consolidated net profit soared 170% to Rs 297 crore on 68% surge in net sales to Rs 1,412 crore in Q4 FY21 over Q4 FY20.