Aurobindo Pharma gained 4.34% to Rs 803.10 at 14:13 IST on BSE on reports that a foreign brokerage has initiated coverage on the stock with an "outperform" rating.
Meanwhile, the BSE Sensex was down 166.36 points, or 0.65%, to 25,270.61
On BSE, so far 2.57 lakh shares were traded in the counter, compared with an average volume of 2.40 lakh shares in the past one quarter. The stock hit a high of Rs 809.50 and a low of Rs 799.95 so far during the day. The stock hit a record high of Rs 891.50 on 30 December 2015. The stock hit a 52-week low of Rs 582 on 25 February 2016. The stock had outperformed the market over the past one month till 2 May 2016, gaining 5.35% compared with 0.66% gains in the Sensex. The scrip, however, underperformed the market in past one quarter, rising 0.41% as against Sensex's 3.66% gains.
The large-cap company has an equity capital of Rs 58.52 crore. Face value per share is Re 1.
The brokerage has reportedly said in a research report that Aurobindo Pharma is a beneficiary of faster approvals for its drugs in the US. It added that all key plants of the company are compliant with the US Food and Drug Administration (USFDA) norms. The brokerage expects Aurobindo's US sales to rise at a CAGR of 20% over next two years. The US market contributes 80% to Aurobindo's profits, according to the brokerage.
Aurobindo Pharma's consolidated net profit rose 39.2% to Rs 534.95 crore on 9.2% growth in net sales to Rs 3432.08 crore in Q3 December 2015 over Q3 December 2014.
Aurobindo Pharma manufactures generic pharmaceuticals and active pharmaceutical ingredients. The company's manufacturing facilities are approved by several leading regulatory agencies like US FDA, UK MHRA, Japan PMDA, WHO, Health Canada, MCC South Africa, ANVISA Brazil. The company's robust product portfolio is spread over 7 major therapeutic/product areas encompassing Antibiotics, Anti-Retrovirals, CVS, CNS, Gastroenterologicals, Anti-Allergies and Anti-Diabetics, supported by an outstanding R&D set-up. The company is marketing these products globally, in over 150 countries.
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