Orchid Chemicals may touch Rs 60: SP Tulsian

SP Tulsian of sptulsian.com told CNBC-TV18, "The clean chit from US Food and Drug Administration (FDA) for the Chennai facility is positive news for Orchid Chemicals. The company had lack of trigger. We have not seen the stake sale happening of the unit to Mylan, which they have done, no developments, continuous losses. When we have this kind of approval coming in for their Chennai facility, yes that could be the near-term upside for the stock."

"Today, it is frozen upwards, 10 percent upper circuit. One could expect a price of about Rs 60. But I don't expect the prices to really go beyond that because people are stuck in the stock even at the higher levels. Once you see the stock settling at some level, which I expect it to be about Rs 60, you will be seeing the liquidation and selling again start coming in. So look for a further upside of maybe about Rs 6-7 on the current level," Tulsian said.