Shares of medical equipment supplier Nureca Ltd. gained as much as 15 percent on Friday, its best in a single session since December 30, 2021.
The stock has gained on Friday after declining for 10 trading sessions in a row, during which the shares lost 32 percent. The stock had a rebound after opening at a new low of Rs 315.15 this morning.
Nureca is a leading healthcare and wellness company with a product range of over 150 SKUs across different categories. Its product range includes nebulizer, BP monitors, finger pulse oximeter, glucose meter, thermometers, orthopaedic and nutrition products. It owns brands like Dr Trust and Dr Physio.
After listing in February 2021 at Rs 615, Nureca’s shares had more than tripled within a year to hit an all-time high of Rs 2,315. However, the stock has corrected significantly since then, slipping as much as 86 percent from its peak.
The recent decline in the share price was triggered after Nureca reported a net loss for the September 2022 quarter of nearly Rs 3 crore against a profit of Rs 5.5 crore in the September quarter of the previous fiscal year. Sales slipped 21.6 percent to Rs 36.8 crore during the quarter compared with Rs 47 crore in the year-ago period.
After the results, one of the company’s promoters, Payal Goel, pared some of her stake in the company through a large trade on November 28, triggering a major drop in the share price. Five promoters of the company cumulatively held close to 70 percent stake in the company as of the September quarter.
Shares of Nureca are trading 15.2 percent higher at Rs 385.
