Cadila Healthcare gained 0.83% to Rs 529.45 at 10:10 IST on BSE after the company said that its board approved in-principle to raise funds through various routes.
The announcement was made on Monday, 26 June 2017. The market was shut on Monday, 26 June 2017, on account of holiday.Meanwhile, the S&P BSE Sensex was down 69.45 points, or 0.22% to 31,072.69.
On the BSE, 34,702 shares were traded in the counter so far, compared with average daily volumes of 1.54 lakh shares in the past one quarter. The stock had hit a high of Rs 535.35 and a low of Rs 527.45 so far during the day. The stock had hit a record high of Rs 558 on 12 June 2017. The stock had hit a 52-week low of Rs 305.05 on 24 June 2016.
The stock had outperformed the market over the past one month till 23 June 2017, gaining 19.03% compared with 2.55% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 17.5% as against Sensex's 6.16% gains. The scrip had also outperformed the market in past one year, jumping 66.83% as against Sensex's 15.32% gains.
The large-cap company has equity capital of Rs 102.37 crore. Face value per share is Re 1.
Cadila Healthcare said that its board approved in-principle to raise funds by issue of equity shares/ convertible bonds/debentures through qualified institutional placement (QIP)/ global depository receipts (GDR)/American depository receipts (ADR), for an aggregate amount up to Rs 10000 crore.
The board also approved to issue secured/unsecured redeemable non-convertible debentures/foreign currency bonds on private placement basis for an amount up to Rs 3500 crore in the financial year 20172018. Further, the board also approved to issue foreign currency bond/foreign currency convertible bonds for an amount up to Rs 5000.
Also Read
Separately, Cadila Healthcare announced that it has received final approval from the United States Food & Drug Administration (USFDA) to market Entecavir Tablets in the strengths of 0.5 mg and 1 mg. The announcement was made during market hours today, 27 June 2017.
The drug is used in the treatment of Hepatitis B virus infection and will be produced at the group's formulations manufacturing facility at the Pharma special economic zone (SEZ) in Ahmedabad. The estimated sale of Entecavir Tablets in US is $166.3 million as per the IMS MAT April 2017.
Cadila Healthcare's consolidated net profit fell 32.2% to Rs 385.5 crore on 6.5% rise in net sales to Rs 2417.50 crore in Q4 March 2017 over Q4 March 2016.
Cadila Healthcare is an innovative, global pharmaceutical company that discovers, develops, manufactures and markets a broad range of healthcare therapies.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content