"With massive increase in active pharmaceutical ingredient (API) demand globally and more particularly with frequent supply disruptions from China, we are putting our expansion plans for API on fast track," Morepen Laboratories Chairman and MD Sushil Suri said.
The Nifty Pharma index closed 1.39 per cent down at 13717.8.
During the day, Nifty50 breached the rising trendline on the hourly chart and went down to test its 40-day exponential moving average, said Gaurav Ratnaparkhi of Sharekhan.
“We remain positive but at the same time cautious and will continue to watch the data as it emerges.â€
"While quarter-on-quarter, the volumes have de-grown marginally by 2 per cent, y-o-y, we have registered a decline of seven per cent," Galaxy Surfactants Managing Director U Shekhar said.
It had incurred a net loss of Rs 55.10 crore in the quarter ended September 30, 2020, a BSE filing said.
Nifty50 index ended 0.8 per cent lower at 17,873.9 points, while the BSE-Sensex closed at 59,919.69 points, down 0.7 per cent. Today’s sell-off reduced investors’ notional wealth by Rs 1.3 lakh crore.
The Nifty Auto index closed 1.18 per cent down at 11690.15.
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On the technical charts, the 200-day moving average of the stock stood at Rs 870.0.
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