Shares of Alembic Pharmaceuticals Ltd. rose to the highest level in over a month on Thursday after DSP Healthcare Fund raised its stake in the company.
With the acquisition of 36,276 shares, DSP Healthcare, a scheme launched by DSP Mutual Fund, now owns 5.01% voting rights compared to 4.99% earlier, according to an exchange filing.
Alembic Pharma's stock rose as much as 16.12% during the day on the NSE to Rs 835.40 apiece, the highest since Oct 19. It was trading 9.06% higher at Rs 784.55 apiece compared to a 0.1% decline in the benchmark Nifty 50 as of 11:12 a.m.
It has risen 36.77% on a year-to-date basis. The total traded volume so far in the day stood at 71 times its 30-day average. The relative strength index was at 62.24.
Eight out of 19 analysts tracking Alembic Pharma maintain a 'buy' rating on the stock, six recommend 'hold' and five suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 2.6%.
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