Claris Lifesciences surged 3.38% to Rs 204.80 at 14:44 IST on BSE after the company said its board has approved the buyback of upto 92.50 lakh equity shares at Rs 250 per share aggregating to Rs 231.25 crore.
The announcement was made during trading hours today, 7 January 2014.
Meanwhile, the S&P BSE Sensex was down 25.29 points or 0.12% at 20,762.01.
On BSE, so far 17.05 lakh shares were traded in the counter as against average daily volume of 6.65 lakh shares in the past one quarter.
The stock was volatile. The stock rose as much as 5.95% at the day's high of Rs 209.90 so far during the day. The stock lost as much as 0.8% at the day's low of Rs 196.50 so far during the day. The stock had hit a 52-week low of Rs 142.05 on 18 June 2013. The stock had hit a 52-week high of Rs 232 on 3 April 2013.
The stock had outperformed the market over the past one month till 6 January 2014, advancing 14.24% compared with the Sensex's 1% fall. The scrip had, however, underperformed the market in past one quarter, surging 4.26% as against Sensex's 4.38% rise.
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The small-cap company has equity capital of Rs 63.82 crore. Face value per share is Rs 10.
Claris Lifesciences' board of directors at a meeting held today, 7 January 2014, approved the buyback of upto 92.50 lakh equity shares of the comapny of face value of Rs 10 each (representing 14.49% of the total number of the equity share capital of the company) at Rs 250 per share aggregating to Rs 231.25 crore through the "Tender Offer" route as prescribed under the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 1998, as amended (the Buyback Regulations) on a proportionate basis from the shareholders as on the record date, subject to the approval of shareholders by way of a special resolution through postal ballot and regulatory compliances required under applicable laws.
The Board also declared interim dividend of Rs 9 per share. The record date for the purpose of interim dividend is fixed as 21 January 2014.
Claris Lifesciences' consolidated net profit rose 33.58% to Rs 33.01 crore on 33.17% decline in net sales to Rs 129.58 crore in the quarter ended 30 September 2013 over the quarter ended 30 September 2012.
Claris Lifesciences is a sterile injectables pharmaceutical company with a market presence across 100 countries worldwide. The company manufactures and markets products across various therapeutic segments. A significant majority of these products are generic drugs that are capable of being directly injected into the human body and are predominantly used in the treatment of critical illnesses.
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