Ajanta Pharma has rallied over 8% to Rs 653 in late morning deals on NSE on back of heavy volumes.
The stock had opened at Rs 604 and hit a record high of Rs 659 on NSE. A combined 1.2 million shares have already changed hands on the counter in late morning deals against an average around 0.70 million shares that were traded daily in past ten trading sessions.
The Mumbai-based pharmaceutical company has outperformed the market, by surging over 60% in past one week as compared to 0.30% rise in benchmark Nifty.
The drug company had reported a robust 76% year-on-year (yoy) growth in net profit at Rs 32.57 crore for the third quarter ended December 31, 2012, mainly on robust sales. Net sales grew 40% at Rs 226 crore on y-o-y basis.
Meanwhile, while announcing Q3 results, Ajanta Pharma said that the company expects to launch Slidenafil tablets in the UK when it goes off patent in June 2013. The company has recently received market authorisation in the UK for Slidenafil tablets of strength 50 mg and 100 mg.