SeQuent Scientific rose 3.03% to Rs 850 at 10:28 IST on BSE after a subsidiary of the company entered into an agreement for acquiring the animal health business of Lyka Exports on a going concern basis.
Shares of Lyka Labs were up 6.15% to Rs 81.15.
Meanwhile, the BSE Sensex was up 451.76 points, or 1.72%, to 26,682.95
On BSE, so far 17,256 SeQuent Scientific shares changed hands, compared with average volume of 16,490 shares in the past one quarter.
The stock hit a high of Rs 889 in intraday trade so far, which is record high for the counter. The stock hit a low of Rs 838.75 so far during the day. The stock hit a 52-week low of Rs 364 on 4 September 2014.
The mid-cap company has an equity capital of Rs 42.02 crore. Face value per share is Rs 10.
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Alivira Animal Health (Alivira) and Lyka Exports have entered into a definitive agreement under which Alivira will acquire the animal health business of Lyka Exports on a going concern basis. Alivira is a subsidiary of SeQuent Scientific and Lyka Exports is a subsidiary of Lyka Labs.
The financial details of the transaction were not disclosed. The two companies expect the transaction to be completed in six weeks subject to customary closing conditions, including shareholders' approval of Lyka Labs.
Lyka's animal health business registered a topline of close to Rs 23.5 crore, with EBITDA margin in the range of 12%. The business is growing by over 30% during the current financial year FY 2016, SeQuent Scientific and Lyka Labs said in a joint statement.
On a consolidated basis, Sequent Scientific reported net profit of Rs 0.74 crore in Q1 June 2015 as against net loss of Rs 11.41 crore in Q1 June 2014. Net sales rose 31.6% to Rs 146.66 crore in Q1 June 2015 over Q1 June 2014.
Sequent Scientific is an integrated pharmaceutical company with a global footprint.
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