Sequent Scientific rose 12.76% to Rs 846 at 14:10 IST on BSE after the company said that its wholly-owned subsidiary commenced production at its Vizag plant from yesterday, 4 February 2016.
The announcement was made during trading hours today, 5 February 2016.Meanwhile, the BSE Sensex was up 164.69 points, or 0.68%, to 24,503.12.
On BSE, so far 25,000 shares were traded in the counter, compared with an average volume of 27,953 shares in the past one quarter. The stock hit a high of Rs 849 and a low of Rs 740 so far during the day. The stock hit a record high of Rs 1,300 on 22 December 2015. The stock hit a 52-week low of Rs 440.10 on 9 February 2015. The stock had underperformed the market over the past one month till 4 February 2016, sliding 38.53% compared with 5.01% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 19.95% as against Sensex's 8.34% fall.
The mid-cap company has an equity capital of Rs 47.65 crore. Face value per share is Rs 10.
Sequent Scientific said that the production commenced in the Vizag facility of the company's wholly-owned subsidiary, Alivira Animal Health, with effect from yesterday, 4 February 2016. The production commenced after receiving clearance from the Andhra Pradesh Pollution Control Board after the necessary inspections were completed, the company added.
Late last month, Sequent Scientific had informed that there was a fire in the process development lab of Alivira Animal Health, located at JNPC-SEZ, Parawada Mandal, Vizag. Minor damages occurred to the wet laboratory of the facility. The fire was controlled with the help of local fire agency and there were no injuries to anyone. There was no impact on the production block. The entire facility is adequately covered under insurance. Consequent to the fire, the Andhra Pradesh Pollution Control Board had issued a stop production order for the unit until the area was cleaned up.
On a consolidated basis, net profit of Sequent Scientific declined 93.09% to Rs 2.32 crore on 49.23% rise in net sales to Rs 157.44 crore in Q2 September 2015 over Q2 September 2014.
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SeQuent is an integrated pharmaceutical company with a global footprint, operating in the domains of Animal Health (API and formulation) and Human health (API).
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