 "Shilpa Medicare hits new high; stock up 35% in one month")
Shilpa Medicare moved to its new high of Rs 746, up 3.5%, extending its 14% rally in past five trading sessions on the BSE.
In past one-month, the stock outperformed the market by surging 35% as compared to a marginal 0.71% rise in the S&P BSE Sensex and 1.3% gain in S&P BSE Healthcare index.
Shilpa Medicare reported a strong 64% year on year (YoY) growth in consolidated net profit at Rs 38.24 crore for the second quarter ended September 30, 2016 (Q2FY17). It had profit of Rs 23.33 crore in the same quarter last fiscal.
On Tuesday, December 13, the pharmaceutical company said it has received an approval from the US health regulator for generic Capecitabine tablets used for treatment of various types of cancers.
The product is a generic version of Hoffmann-La Roche Inc's Xeloda tablets in the in the strengths of 150 mg and 500 mg.
In past one-month, the stock outperformed the market by surging 35% as compared to a marginal 0.71% rise in the S&P BSE Sensex and 1.3% gain in S&P BSE Healthcare index.
Shilpa Medicare reported a strong 64% year on year (YoY) growth in consolidated net profit at Rs 38.24 crore for the second quarter ended September 30, 2016 (Q2FY17). It had profit of Rs 23.33 crore in the same quarter last fiscal.
On Tuesday, December 13, the pharmaceutical company said it has received an approval from the US health regulator for generic Capecitabine tablets used for treatment of various types of cancers.
The product is a generic version of Hoffmann-La Roche Inc's Xeloda tablets in the in the strengths of 150 mg and 500 mg.
Capecitabine tablets are used to treat breast and colorectal cancers. It works by slowing or stopping the growth of cancer cells.
Earlier, at the beginning of the month, the company said its board has approved the raising of funds upto Rs 175 crore by issuing equity shares on preferential basis to TA FII Investors, Mauritius at a price of Rs 570 per share.
The board has also proposed to increase the investment limit for FIIs'/FPIs and registered foreign investors to 40% from the existing limit of 30%, subject to approval by shareholders.
Daljeet Kohli, Head of Research at IndiaNivesh Securities believes Shilpa Medicare is on the path to strong growth from US oncology business both in API as well as Formulation over next couple of years & that the company is at the point of transition to next orbit of growth.
“The approvals from US shall be critical & steady ramp up in US business will be key driver of growth,” the brokerage firm said in Q2 results update.
At 12:31 pm; the stock was up 2.6% at Rs 740 against 0.14% decline in the Sensex. A combined 179,864 shares changed hands on the counter on the BSE and NSE so far.
Earlier, at the beginning of the month, the company said its board has approved the raising of funds upto Rs 175 crore by issuing equity shares on preferential basis to TA FII Investors, Mauritius at a price of Rs 570 per share.
The board has also proposed to increase the investment limit for FIIs'/FPIs and registered foreign investors to 40% from the existing limit of 30%, subject to approval by shareholders.
Daljeet Kohli, Head of Research at IndiaNivesh Securities believes Shilpa Medicare is on the path to strong growth from US oncology business both in API as well as Formulation over next couple of years & that the company is at the point of transition to next orbit of growth.
“The approvals from US shall be critical & steady ramp up in US business will be key driver of growth,” the brokerage firm said in Q2 results update.
At 12:31 pm; the stock was up 2.6% at Rs 740 against 0.14% decline in the Sensex. A combined 179,864 shares changed hands on the counter on the BSE and NSE so far.