Sanofi India rose 4.34% to Rs 3,469.90 at 13:08 IST on BSE, extending Tuesday's 11.35% rise triggered by the government withdrawing National Pharmaceutical Pricing Authority's power that permitted it to fix prices of non-essential drugs.
Meanwhile, the BSE Sensex was up 42.07 points, or 0.16%, to 26,733.62.
On BSE, so far 17,000 shares were traded in the counter, compared with an average volume of 4,173 shares in the past one quarter.
The stock hit a high of Rs 3,489.85 and a low of Rs 3,338 so far during the day. The stock hit a record high of Rs 3,540 on 3 June 2014. The stock hit a 52-week low of Rs 2,312.05 on 28 October 2013.
Shares of Sanofi India surged 11.35% to Rs 3,325.50 on Tuesday, 23 September 2014. The stock has risen 16.18% in two session from Rs 2,986.65 on Monday, 22 September 2014.
The stock had outperformed the market over the past one month till 23 September 2014, rising 8.03% compared with 1.35% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 5.08% as against Sensex's 6.97% rise.
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The mid-cap company has an equity capital of Rs 23.03 crore. Face value per share is Rs 10.
It may be recalled that the National Pharmaceutical Pricing Authority (NPPA) had capped prices of 108 cardiac and diabetes drugs on 10 July 2014. Sanofi India was affected the most by this decision.
On Tuesday, 23 September 2014, Department of Pharmaceuticals, under the Ministry of Chemicals and Fertilizers, scrapped guidelines issued on 29 May 2014 that gave NPPA the powers to fix the prices of drugs that are not on the essential medicines list.
According to media reports, Sanofi India will have the biggest positive impact with around Rs 139 crore gains in sales.
Sanofi India's net profit rose 12.3% to Rs 57.50 crore on 18.7% growth in net sales to Rs 486.70 crore in Q2 June 2014 over Q2 June 2013.
Sanofi, an integrated global healthcare leader, discovers, develops and distributes therapeutic solutions focused on patients' needs. Sanofi has core strengths in the field of healthcare with seven growth platforms: diabetes solutions, human vaccines, innovative drugs, consumer healthcare, emerging markets, animal health and the new Genzyme.
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