Shares of India Globalization Capital, Inc. (IGC) stock were popping high in the pre-market trading today. IGC stock price saw a jump of 5.00% to reach $1.68 a share at the time of this writing.It seems that IGC happened to be green today despite no particular activity by the India Globalization as IGC faced the downtrend in the previous trading session and closed with a 1.23% drop. Let’s deep dive to explore more of it.
What’s happening?
There is no specific news by the India Globalization Capital, Inc., a purchaser, and reseller of physical infrastructure commodities, the stock today or even in April to explain the bullish sentiment, no analysts upgrades, or upswing targeted per share price of IGC stock to justify the rally. This is spreading curiosity among the investors who are eagerly looking for some reason. So, what you need to know now? Let’s take a look at previous events.
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Previous events of IGC stock:
On March 8, 2021, IGC stock did announce the receival of one more patent from the United States Patent and Trademark office for its Cannabinoid-based cream that is used to treat the pain in patients suffering from Fibromyalgia, Psoriatic Arthritis, Scleroderma, and other various conditions.IGC stock had filed the patent application more than two years ago.IGC stock had previously obtained the patents for eating and seizure disorders from USPTO.
On February 12, 2021, IGC stock announced the clinical trial progress of tetrahydrocannabinol, which was approved by the U.S.A Food and Drug Administration back on July 30, 2020. India Globalization had completed the first level out of three levels dosing of IGC-AD1 in 5 out of 12 patients having Alzheimer’s disease.
Financial View of IGC stock:
On February 12, 2021, IGC stock did announce its earnings results of the quarter ended on December 31, 2020, according to which revenue of IGC stock reduced to $108 thousand from $573 thousand in the same quarter of the prior year. The decrease in the revenue is attributed to COVID-19 as restrictions are imposed due to the escalation of deadly pandemic all over the world. 15% infrastructure and 85% Life Sciences revenue was recorded in the recent financial results.
Conclusion:
The current condition of IGC stock suggests that this stock is hot among investors so far despite the absence of any news by India Globalization. Such rises and falls don’t bother the long-term investors who actually focus on the fundamentals as well as the overall development of the company.