Exit Orchid Chemicals, says Thununguntla

Jagannadham Thununguntla, Strategist & Head of Research, SMC Global Securities Limited told CNBC-TV18, "Orchid Chemicals and Pharmaceuticals is clearly underperforming and as rightly said that so many people got stuck at every level. As the stock will keep moving up there will be lot of supply keep coming. So, it is very difficult to give a hold recommendation. It is worthwhile to sell it off and then move on because already market is in a good momentum. It makes sense to cash some of this momentum through frontline stocks."

At 14:48 hrs Orchid Chemicals and Pharmaceuticals was quoting at Rs 62.60, down Rs 3.15, or 4.79 percent. It has touched an intraday high of Rs 63.70 and an intraday low of Rs 60.30.
The share touched its 52-week high Rs 131.85 and 52-week low Rs 53.00 on 20 July, 2012 and 05 March, 2013, respectively. Currently, it is trading 52.52 percent below its 52-week high and 18.11 percent above its 52-week low. Market capitalisation stands at Rs 441.03 crore.