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The stock quoted a 52-week high price of Rs 630.0 and a 52-week low of Rs 388.05.

The pharmaceutical API industry in India is ranked third-largest globally in terms of volume. It is expected to clock a CAGR of 5-7% between fiscal 2023 and fiscal 2027, largely driven by the demand from domestic formulation manufacturers as well as export markets.

Vinit Bolinjkar, Head of Research at Ventura Securities, expects earnings to continue strong in India, especially with an influx of bond money that will lower the cost of funds. He remains positive on midcap and smallcap stocks, as earnings have been solid and there are opportunities for growth and lower acquisition costs for MSMEs. Bolinjkar also believes that consolidation in the cement industry will benefit smaller players.

"The recent rally in the market has led to strong inflows into midcap and smallcap funds. However, the valuation gap between largecap and midcap/smallcap stocks has narrowed. Investors looking to invest in midcap and smallcap funds should have a longer term view and manage their return expectations accordingly. Multicap funds, with balanced exposure across market caps, have the potential to deliver good risk-adjusted returns."

Among Sensex stocks, Tata Steel, Bajaj Finance, HDFC Bank, and Bajaj Finserv opened with cuts, while L&T, Power Grid, Sun Pharma, and Reliance Industries opened with gains.

India VIX was up by 2.61% from 10.90 to 11.18 levels in the previous session. Volatility was slightly on the rise but is still trading at its lower band.

“I would rather play a little bit more carefully at this point of time. We love the price correction happening in some of the counters. That is where probably we will accumulate some of the bigger companies. The medium, small sized companies are relatively more vulnerable to the liquidity-led push in the market. And we are slightly more concerned there.”

So far in the current financial year, listed broking firms have given upto 75% returns to investors, and a majority of them have also outperformed the benchmark Sensex in the said period.