On Monday, February 15, AstraZeneca received the WHO approval for the emergency use of vaccines. The shares of the company have climbed over 5% in the intraday trade on with the day’s high of 4050.00.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “Bull markets have an uncanny ability to climb many walls of worries. And, this bull market, in typical style, is consistently climbing many such walls. The border stress with China, the farmers’ strike, inflation, crude spike…are no longer issues of concern. The bulls are focused on growth & earnings recovery and the incredibly improving COVID incidence”
“FPIs feel that India has the best post-COVID rebound story. In such a favourable setting, investors should remain invested with occasional profit booking. Bank Nifty is fast catching up with the rest of Nifty. IT has still room to go up. There is value in pockets of mid-small-caps”, Vijaykumar added.
The pharma stock has gained 72.35% in one year and risen 77.47% since the beginning of this year. Its share price in BSE in March was around Rs 1900 and now it’s around Rs 3800, making a boom of almost 100%.
Before WHO, the UK government has already approved AstraZeneca and ordered 100 million doses, which is more than enough to vaccine its 50 million people.