Salora Active Pharma hit a new high today on the BSE at Rs.1245, rising 19% on the back of huge volumes.

There is no new material development in the company as such except that a foreign brokerage house, Macquaire Capital Securities said that it has begun coverage on the stock, with a ‘Outperform’ rating and gave target price of 2064.

The brokerage house said that growth of Salora looked more sustainable than its peers as its strategy of working with customers on a long-term basis leads to higher wallet share among existing clients as well as help in winning new customers.