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Alembic Pharma hits record high, stock surges 12%

The stock has rallied 41% since May compared to 1% fall in benchmark Sensex, after reported over two-fold jump in consolidated net profit at Rs 437 crore for Q4FY13.

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SI Reporter Mumbai
Last Updated : Jul 08 2013 | 2:59 PM IST
Alembic Pharmaceutical has rallied 12% to Rs 164 on back of heavy volumes. The stock opened at Rs 148 and hit a record high of Rs 167 on the Bombay Stock Exchange (BSE).

A combined 1.51 million shares have already changed hands on the counter till 1440 hours against an average less than 400,000 shares that were traded daily in past two weeks on NSE and BSE.

The stock Gujarat-based pharmaceutical company has rallied 41% since May this year compared to 1% fall in benchmark Sensex, after reporting more-than-doubled consolidated net profit at Rs 437 crore for the fourth quarter ended March 2013 (Q4FY13). The company had a profit of Rs 203 crore during the same quarter of last fiscal.

The company is confident of growing at 15 % plus for FY14 and FY15 respectively in the domestic formulations market after taking into account the pricing policy impact.

Analyst at Karvy Stock Broking in its May 6, report said that the company’s ability to maintain its domestic growth in excess of 14-15% post the pricing policy, ramp up in Pristiq market share, introduction of low competition opportunities and ability to gradually scale up margins will enable the company to evince further investor interest.
 

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First Published: Jul 08 2013 | 2:53 PM IST

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