Thyrocare Technologies
Thyrocare Technologies

Shares of diagnostic laboratory chain Thyrocare Technologies rallied for the second day in a row on Wednesday on the back of its better than expected quarterly performance.

Thyrocare shares rose 15% on Tuesday and are currently trading at Rs 992, up by Rs 107.80 or 12.19%.

This comes as the company on Tuesday reported that revenue for the quarter up 37% as compared to last year and up 171% as compared to the previous quarter.

Thyrocare Share Price: Why is diagnostic laboratory chain seeing a surge in stock price?

According to India Infoline report, the company has condcuted more than 4 Lakh COVID-19 RT-PCR tests and more than 3.20 Lakh COVID antibody tests as on September 30, 2020.

Due to higher number of tests, revenue in Q2 of FY 21 increased by about 37% compared to Q2 of FY20.

Thyrocare was one of the earliest private lab chains allowed by the Indian Council of Medical Research (ICMR) in March to conduct tests.

In July, Thyrocare said it launched "Covid Antibody Tests" facility at its labs across the country. The test identifies if a person has had the novel coronavirus at some point in the past and has produced the antibodies to fight it.

Metropolis Healthcare Ltd, another diagnostic laboratory chain, has also seen a rally in its share price. On Wednesday, it was trading at Rs 2,114, up by Rs 166.55 or 8.55%.

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