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NEW DELHI: The spectacular rally witnessed on Dalal Street since the March lows seems to have hit the bumps amid weak global cues and valuation concerns.
Despite these frequent setbacks, one scrip has defied gravity and soared over 6,100 per cent in just four months. Analysts are comparing this stellar run with the surge that Ruchi Soya shares saw after Baba Ramdev’s Patanjali Group acquired the company last year in a bankruptcy sale.
The stock is Orchid Pharma, which was relisted on November 3, 2020 at Rs 18 and has since surged 6,160 per cent to trade at Rs 1,129 on March 5, 2021. The scrip is hitting upper circuits ever since it got relisted.
Urgency to fix India’s bankruptcy code
While the recent suspension of IBC has slowed the number of new cases, a backlog that runs into the thousands hasn’t been resolved.
(Photo: Pradeep Gaur)
Given the avalanche of defaults expected, the IBC needs to be made battle-ready to deliver quick resolutions
The problems include frivolous claims, most often by promoters, getting an insolvency petition admitted, the role of resolution professionals, and the buyer often losing interest
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MUMBAI :
On the face of it, an abandoned half-constructed hospital that Mumbai’s municipal corporation successfully resuscitated overnight to treat hundreds of critical covid-19 patients is a great feel-good story for 2020. But the success of Seven Hills Hospital in Marol, a suburb in Andheri, has some of the city’s largest financial institutions nervous.
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The bulls came out with all guns blazing on Dalal Street after the indices hit their lowest levels in March at the height of Covid pandemic fear, and gave Sensex and Nifty double-digit gains in Calendar 2020.
Around 200 stocks from across sectors soared more than 100 per cent on BSE since the start of this calendar. That, when you leave out the penny stocks, some of which logged stupendous gains too.
Biofil Chemicals & Pharmaceuticals stood out as the biggest wealth creator of 2020, with a 1,207 per cent jump in share price from Rs 17.06 on December 31 last year to Rs 222.95 on December 23.