Parenteral Drugs India rose 5.90% to Rs 47.60 at 14:08 IST on BSE after the company said its board approved disinvestment of equity shares held by the company in its non-operational subsidiary firms.
The announcement was made during trading hours today, 30 December 2015.
Meanwhile, the BSE Sensex was down 11.88 points, or 0.05%, to 26,067.60.
On BSE, so far 81,000 shares were traded in the counter, compared with an average volume of 30,265 shares in the past one quarter.
The stock hit a high of Rs 49 and a low of Rs 44.30 so far during the day. The stock hit a 52-week high of Rs 54.45 on 20 October 2015. The stock hit a 52-week low of Rs 16.30 on 27 March 2015.
The stock had outperformed the market over the past one month till 29 December 2015, rising 19.07% compared with 0.19% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 51.60% as against Sensex's 1.17% rise.
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The small-cap company has an equity capital of Rs 29.82 crore. Face value per share is Rs 10.
Parenteral Drugs India said that the board of directors of the company approved the disinvestment of equity shares held by the company in its non-operational subsidiary companies -- Parentech Healthcare and Parenteral Surgicals -- as the same are loss making companies.
Further, the board also accorded its in-principle approval to declare the non-working subsidiaries of the company -- Abhay Drugs, Anjaney Pharmaceuticals, Parenteral Biotech and Parenteral Impex -- as defunct company as there is no business in these subsidiary companies and other items as per agenda of the meeting.
On a consolidated basis, Parenteral Drugs (India) reported net loss of Rs 14.54 crore in Q2 September 2015 as against net loss of Rs 20.59 crore in Q2 September 2014. Net sales rose 18.17% to Rs 79.98 crore in Q2 September 2015 over Q2 September 2014.
Parenteral Drugs (India) is involved in research, production and manufacturing of pharmaceutical products viz. intravenous infusion, tablets, capsules, liquids syrups and injections.
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