- Shasun Pharmaceuticals surges as board to consider preferential issue
Hot Pursuit Friday, February 24, 2012 09:22 Hrs IST

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Shasun Pharmaceuticals surges as board to consider preferential issue

Shasun Pharmaceuticals surged 4.62% to Rs 85 at 9:17 IST on BSE after the company said its board of directors will meet on 27 February 2012 to consider preferential allotment of equity shares to private equity investors.

The company made this announcement after market hours on Thursday, 23 February 2012.

Meanwhile, the BSE Sensex was up 53.73 points, or 0.3% to 18,132.23.

On BSE, 34,000 shares were traded in the counter as against average daily volume of 1.09 lakh shares in the past one quarter.

The stock hit a high of Rs 85.90 and a low of Rs 82.90 so far during the day. The stock had hit a 52-week high of Rs 88.85 on 15 February 2012. The stock had hit a 52-week low of Rs 38.10 on 16 December 2011.

The stock had outperformed the market over the past one month till 23 February 2012, soaring 66.5% compared with the Sensex's 7.92% gain. The scrip had also outperformed the market in past one quarter, surging 56.7% as against Sensex's 15.15% gain.

The small-cap company has an equity capital of Rs 9.71 crore. Face value per share is Rs 2.

On a consolidated basis, Shasun Pharmaceuticals reported net profit of Rs 24.60 crore in Q3 December 2011, compared with net loss of Rs 9.65 crore in Q3 December 2010. Net sales rose 55% to Rs 302.57 crore in Q3 December 2011 over Q3 December 2010.

Chennai-based Shasun Pharmaceuticals manufactures active pharmaceutical ingredients (APIs), their intermediates and enteric coating excipients with a significant presence in some key generics. Shasun has also emerged as a key player in various service segments in the pharmaceutical field besides APIs and intermediaries, and is strengthening its offer of contract research, custom synthesis, contract manufacturing and contract formulation services to clients.

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