Nureca share price hit the upper circuit for the fourth consecutive day on Thursday, rising 5 per cent to Rs 1,218.60 apiece. The stock of home healthcare and wellness products seller made its stock market debut in the last week of February this year and was listed at nearly 60 per cent premium over IPO price. So far in April, Nureca share has zoomed 102 per cent from Rs 601.85 on April 1, 2021. The stock has been charting an upward trajectory, even as the company on April 13 clarified that the movement in volume and price of Nureca shares are purely market-driven. The stock has been on a gaining spree and has gained 73.44 per cent since April 8, 2021.
Analysts say that with Covid cases in India increasing sharply and sadly, showing no signs of slowing down, demand for Nureca’s products like chronic device products and orthopedic products with nutrition supplements will increase rapidly. “This has fueled a tremendous rally in this stock. Technically, however, long term investors should exit and look for re-entry only near Rs 850 in the coming weeks,” AR Ramachandran, Co-founder & Trainer, Tips2Trades, told Financial Express Online.
Nureca offers products in five major categories i.e. Chronic Device Products (BP monitors, Oximeters, Thermometers etc.), Orthopedic Products (Wheelchairs, Walkers etc.), Mother & Child Products (Bottle sterilizers, warmers, carry cots etc.), Nutrition Supplements (multivitamins etc.), Lifestyle Products (Smart scales, fitness trackers etc.). With the increasing number of COVID cases, the demand for its products is increasing which is directly benefiting the company. “The company is seeing major demand for its Chronic Device Products in the current scenario and this is fueling its stock price,” Gaurav Garg, Head of Research at CapitalVia Global Research, told Financial Express Online.
The B2C company had raised Rs 100 crore through a public issue which was subscribed 40 times during February 15-17. Nureca is known for its product innovation and some of its known brands are Dr Trust, Dr Physio and Trumom.
(The stock recommendations in this story are by the respective research and brokerage firm. Financial Express Online does not bear any responsibility for their investment advice. Please consult your investment advisor before investing.)
via India Infoline