Solara Active Pharma rallies 24% in three days

18 Feb 2022 , 02:43 PM

The stock has rallied 23.92% in three consecutive sessions.

In the past one year, it has slumped 47.31% while the benchmark Sensex has added 12.73% during the same period.

On the technical front, the stocks RSI (relative strength index) stood at 75.22. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day simple moving average (SMA) placed at 681.64. However, it was trading below its 100-day and 200-day SMA placed at 814.69 and 919.97, respectively.

Shares of Solara Active Pharma Sciences slumped 36% in two trading sessions to settle at Rs 620.20 on 11 February 2022 after the company reported dismal quarterly earnings on 9 February 2022.

On a consolidated basis, the company reported net loss of Rs 139.87 crore in Q3 December 2021 as against net profit of Rs 65.80 crore in Q3 December 2020. Net sales fell 76.48% to Rs 100.34 crore in Q3 December 2021 over Q3 December 2020. The company reported operating EBITDA loss of Rs 81.7 crore in Q3 December 2021 as against profit of Rs 88.5 crore in Q2 September 2021 and profit of Rs 122.7 crore in Q3 December 2020.

Bengaluru-based Solara Active Pharma Sciences offers a basket of diversified, high-value commercial APIs and contract manufacturing services in over 75 countries. It has a manufacturing base comprising five globally compliant API facilities, with approvals including the USFDA, EU GMP, and PMDA in Japan.

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