Laurus Labs shares jump over 7% after securing land allotment in Andhra Pradesh
climbed 7.5% to Rs 901 apiece on the BSE on Monday after the Andhra Pradesh government allotted 531.77 acres to the company in IP Rambilli Phase-II, Anakapalli district. The land will be used to set up
Laurus Pharma Zone
(LPZ), a large-scale
pharma manufacturing hub
.
Laurus Labs
plans to invest Rs 5,630 crore over the next eight years to set up multiple pharma manufacturing units in three phases. The project is also expected to generate employment for 6,350 people, making it a significant development for both the company and the region.
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This allotment provides Laurus Labs with a key asset to support its long-term expansion plans in pharmaceutical manufacturing.
Laurus Labs Hits New 52-Week High; Technical Indicators
Laurus Labs surged to a new 52-week high of Rs 901 apiece on the BSE on Monday, significantly higher than its 52-week low of Rs 390. This strong price movement reflects growing investor interest following recent positive developments.
From a technical perspective, the Relative Strength Index (RSI-14) for the day stands at 81.8. The RSI is a momentum indicator that helps assess whether a stock is overbought or oversold. An RSI above 80 indicates the stock is in a strongly overbought zone, suggesting that a short-term pullback or consolidation could be on the cards.
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Additionally, the stock is trading above all 8 key Simple Moving Averages (SMAs), from the 5-day to the 200-day SMA. This alignment of moving averages is typically seen as a bullish signal, indicating sustained strength across short-, medium-, and long-term trends.
Also read:
Reliance Infrastructure shares zoom nearly 5%; here's why
Despite the overbought RSI, the overall technical setup remains positive, supported by strong momentum and broad-based moving average support.
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