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Business News/ Markets / Stock Markets/  Multibagger stock: Pharma share close to record high after 250% rally in YTD

Multibagger stock: Pharma share close to record high after 250% rally in YTD

Multibagger stock has delivered 20% return in last one month

Multibagger stock today opened upside and went on to hit intraday high of ₹914 apiece, just ₹11 away from existing life-time high of ₹925 on NSE.Premium
Multibagger stock today opened upside and went on to hit intraday high of 914 apiece, just 11 away from existing life-time high of 925 on NSE.

Stock market today: Shares of Cupid Ltd are one of the multibagger stocks that Indian stock market has delivered in 2023. In year-to-date (YTD) time, this multibagger stock has risen to the tune of 250 per cent. However, it seems that some steam is still left in this pharma stock. 

Cupid share price today opened upside and went on to hit intraday high of 914 apiece levels, logging near 6 per cent rise against its Monday close of 863 on NSE. While climbing to its intraday high, the multibagger stock missed to climb to a new high by a whisker as its current life-time high is 925 per share on NSE.

Also Read: IRCTC share price retraces after technical breakout. Good opportunity to buy?

However, Cupid share price soon came under the profit booking stress and touched intraday low of 865 per share on NSE. Currently, this multibagger stock is quoting around 890 per share levels, which means the stock witnessed buying interest among stock marekt bulls after hitting the intraday low during Tuesday deals.

Cupid share price history

As mentioned above, Cupid shares are one of the multibagger stocks of Indian stock market. In last one month, this pharma stock has risen from around 748 to 914 apiece levels, logging near 20 per cent rise in this time. In last six months, this pharma company share has surged from near 246 per share levels to 914 per share levels, ascending to the tune of 275 per cent in this time. In YTD time, this multibagger pharma stock has shot up from 268.50 to 914 per share levels, delivering around 250 per cent return to its shareholders in 2023.

Also Read: Adani Group stocks jump up to 19%, market cap nears 12 lakh crore; here's why

Cupid news

In latest exchange filing, Cupid Ltd has announced its acquisiton of a new land parcel in an Industrial Area near Mumbai. This move is set to remarkably increase the company's producton capabilies, enhancing its position in the global market. India's first female condom maker company went on to add that acquisition will enable Cupid Limited to amplify its production capacity by 1.5 times the existng output. As a result, the annual production capacity will be augmented by approximately 770 million male condoms and 75 million female condoms. This expansion is in addition to the current production capacity of 480 million male condoms and 50 million female condoms.

Speaking on the development, Aditya Halwasiya, Managing Director, at Cupid Ltd said, “Within 18 to 24 months post-expansion, our capacity for male condoms is expected to surge to an impressive 1.25 billion units, while female condom producƟon will rise to 125 million units. This marks a new era in Cupid Limited's journey towards global leadership in sexual wellness and reaffirms our long-standing commitment to all our stakeholders that ‘We help the world play safe’."

Also Read: ICICI Bank stock hits new record high; is there more rally ahead?

Additionally, Cupid Limited is set to expand its global footprint by forging new partnerships with international players. This strategic move will not only enhance Cupid Limited's market reach but also bolster its already strong internaƟonal presence to more than 105 countries globally in the sexual wellness sector. The Indian contraceptives market is set to grow at a healthy rate of 12.2% CAGR over the next 7-10 years, with a broader cultural shift among the younger end of the target market and population growth.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.

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Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
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Published: 05 Dec 2023, 01:45 PM IST
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