India's Neuland Labs hits record high on Q2 profit surge

Neuland Laboratories

08/11/2023 07:10

** Shares of Indian active pharma ingredients (API) maker
Neuland Labs  NEUL.NS  rise as much as 8.2% to a record high of
4,994 rupees
    ** Co on Tuesday reported Q2 profit that more than doubled,
while margins rose 820 basis points from a year ago 
    ** Profit was driven by focus on high margin custom
manufacturing solutions business (CMS), co said
    ** CMS business caters to exclusive customers, developing
and manufacturing APIs and intermediates
    ** About 152,000 shares change hands, ~ 5x 30-day avg as of
12:34 p.m. IST
    ** NEUL shares have nearly tripled so far this year

 (Reporting by Sethuraman NR in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))