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NEW DELHI: From a market price of Rs 2,250 at the end of January to a record high of Rs 3,398.95 on Monday, shares of Dr Lal Pathlabs have rallied 51 per cent in just two months. Following this strong rally, a host of brokerages have turned cautious on the stock, with some predicting that a big fall in the stock may be imminent.
The latest brokerage to give such a call is Nomura, which on Tuesday downgraded Dr Lal Pathlabs to ‘reduce’ rating with a price target of Rs 2,333, marking a 30 per cent downside. The stock fell almost 12 per cent for the day.
Dr Lal Pathlabs Ltd leads losers in A group
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Healthcare stocks edge lower
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Healthcare stocks were trading in the positive zone, with the S&P BSE Healthcare index rising 90.64 points or 0.42% at 21619.17 at 09:49 IST. Among the components of the S&P BSE Healthcare index, Neuland Laboratories Ltd (up 6.87%), Shalby Ltd (up 5.5%),Indraprastha Medical Corporation Ltd (up 5.07%),IOL Chemicals & Pharmaceuticals Ltd (up 4.24%),Thyrocare Technologies Ltd (up 3.98%), were the top gainers. Among the other gainers were Suven Life Sciences Ltd (up 3.75%), Dr Lal Pathlabs Ltd (up 3.39%), Apollo Hospitals Enterprise Ltd (up 3.33%), Poly Medicure Ltd (up 3.21%), and Indoco Remedies Ltd (up 3%). On the other hand, Take Solutions Ltd (down 3.6%), Astrazeneca Pharma India Ltd (down 3.21%), and Gufic BioSciences Ltd (down 2.07%) moved lower.