Shares of Caplin Point Laboratories rose approximately 6 percent, driven by bullish technical momentum. This increase followed the approval by shareholders at the Annual General Meeting (AGM) on September 30 for the appointment of R. Vijayaraghavan as an Independent Director for a five-year term.
Vijayaraghavan is a taxation expert based in Chennai, with over 35 years of experience in consulting and litigation throughout India. He represents major corporate groups, particularly in southern India, in various areas of Direct Taxes, Tax Planning, and Tax Litigation, as noted in the company’s exchange filing.
His expertise includes advising on the taxation of non-residents, joint ventures and collaborations, double taxation avoidance agreements, and transfer pricing issues, the company added.
"Caplin Point Laboratories is bullish on the daily charts with strong support at 1,874. A daily close above resistance of 1,980 could lead to targets of 2,148-2,316 in the near term," said A R Ramachandran, Independent SEBI Research Analyst.
At 9:44 am, Caplin Point Labs shares were trading more than 5 percent higher at Rs 1,995 on the National Stock Exchange (NSE). The stock has gained around 47 percent so far this year, outperforming Nifty's returns of 18 percent.
In the past 12 months, the counter has risen around 90 percent, nearly doubling investors' capital. In comparison, Nifty rose 32 percent during this period.
Earlier in August, the Brazilian Health Regulatory Agency or ANVISA inspected Caplin Steriles’ injectable and ophthalmic manufacturing facility located at Gummidipoondi. The inspection was conducted between August 12 and 16, 2024, and was concluded with zero observations.
Brazil is an important part of our expansion plans in Latin America and this clearance opens the door to the largest market in that geography, he added.
The firm's chairman C C Paarthipan had then said, “It is indeed gratifying to have two back-to-back audits with zero observations. We remain steadfast in our commitment to maintaining the highest levels of quality compliance at all our sites."
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