Sigachi Industries locked at 5% upper circuit; takes 2-day gain to 285%

NEW DELHI: Shares of Sigachi Industries continued to climb after a stellar debut day performance. The counter hit its upper circuit limit in Tuesday's session as well with lakhs of pending buy orders and no sellers in sight.

On NSE, the counter was locked at Rs 628.40, up 5 per cent from its previous close. The stock is 285 per cent up over the issue price of Rs 163.

Though some analysts recommend booking profits now, others believe investors should ride the rally.

“Investors who got allotment should book 50 per cent profit and recover their principal and keep the rest 50 per cent stocks in their portfolio. They should hold Sigachi Industries shares for a one-month target of Rs 888 and maintain stop loss at Rs 530," said Ravi Singhal, Vice Chairman at GCL Securities.

"Those who failed to get Sigachi shares during allotment are advised to buy the counter at current levels."

Sigachi Industries is engaged in manufacturing of Microcrystalline Cellulose (MCC) which is widely used as an excipient for finished dosages in the pharmaceutical industry.