Orchid Chemical can be purchased around Rs 240 by day traders in today’s trading session with a stop loss of Rs 237 for achieving an intraday target of Rs.245.
If the stock markets remain on positive track, the stock can also achieve the next intraday target of Rs 252.

The company’s shares closed at Rs 246.45 on Wednesday. The stock has touched 52-week high of Rs 328 and low of Rs 176 on BSE.
The stock has potential to rise to the target price as the company has good growth prospects considering its projects under implementation and aggressive growth plans.

The company has posted a 91.07% rise in net profit after tax of Rs 541.173 million for the quarter ended December 2007 as compared to Rs 283.235 million for the quarter ended December 2006. Total Income has increased 39.33% to Rs 3,329.905 million for the quarter ended December 2007 from Rs 2,389.969 million for the quarter ended December 2006.

In accordance with the revised AS 15, necessary provision has been made for the employee benefits during the period. The increase in liability as at the commencement of the year as per revised AS 15 will be adjusted against the opening reserves in accordance with the said standard, the company said.
Exceptional item represents exchange gain on outstanding Foreign Currency Convertible Bonds (FCCBs).
Orchid Chemicals & Pharmaceuticals is a Chennai-based pharmaceuticals (bulk drugs) company. With exports spanning more than 75 countries, it is the largest manufacturer-exporter of cephalosporin bulk actives in India and is ranked amongst the top five cephalosporin producers globally. The company was incorporated on Jul. 1, 1992 and obtained the certificate for commencement of business on Oct. 15.
Some other stocks from pharmaceutical sector, which looks good for short-term trading include Cipla, Glenmark, Ranbaxy Labs and Sun Pharma.