Ranbaxy Laboratories has zoomed nearly 21% to Rs 399 on back of heavy volumes on the bourses erasing its entire previous day’s fall.
The stock of pharmaceutical company has opened at Rs 332 and hit a low of Rs 326 in early morning deals on NSE. A combined 11.86 million shares already changed hands on the counter till 1446 hours against an average sub 6 million shares that were traded daily in past two weeks on BSE and NSE.
Yesterday, the stock had declined by about 13%, recorded it’s a sharpest single day fall since May 2009.
Meanwhile, the stock has outperformed the market by suring 48% as compared to 4% fall in the benchmark CNX Nifty after reporting improved financial results for the second quarter ended June 30, 2013 (Q2CY13) on August 7.
The company reported consolidated net loss of Rs 524.24 crore for Q2CY13, lower than net loss of Rs 585.72 crore in Q2CY12.
In Q2CY13, Ranbaxy’s base business grew 12% YoY and margin (excluding forex loss) improved to 9.8% from 6.4% in Q1CY13, factoring in strong traction in branded sales from Absorica (in-licensed from Cipher), says analyst at Edelweiss Securities.
Despite muted India sales on back of quality issues that had short-term bearing on performance, Ranbaxy’s base business grew 12% aided by 62% surge in US base business. The company garnered 15% market share in Absorica from 9.5% in Q1CY13, which helped US momentum. Management is confident of sustaining current sales rate in US, added analyst.
The stock of pharmaceutical company has opened at Rs 332 and hit a low of Rs 326 in early morning deals on NSE. A combined 11.86 million shares already changed hands on the counter till 1446 hours against an average sub 6 million shares that were traded daily in past two weeks on BSE and NSE.
Yesterday, the stock had declined by about 13%, recorded it’s a sharpest single day fall since May 2009.
Meanwhile, the stock has outperformed the market by suring 48% as compared to 4% fall in the benchmark CNX Nifty after reporting improved financial results for the second quarter ended June 30, 2013 (Q2CY13) on August 7.
The company reported consolidated net loss of Rs 524.24 crore for Q2CY13, lower than net loss of Rs 585.72 crore in Q2CY12.
In Q2CY13, Ranbaxy’s base business grew 12% YoY and margin (excluding forex loss) improved to 9.8% from 6.4% in Q1CY13, factoring in strong traction in branded sales from Absorica (in-licensed from Cipher), says analyst at Edelweiss Securities.
Despite muted India sales on back of quality issues that had short-term bearing on performance, Ranbaxy’s base business grew 12% aided by 62% surge in US base business. The company garnered 15% market share in Absorica from 9.5% in Q1CY13, which helped US momentum. Management is confident of sustaining current sales rate in US, added analyst.