Sharon Bio-Medicine lost 4.8% to Rs 350.30 at 13:48 IST on BSE, with the stock sliding on profit booking after Monday's 18.33% rally after the company said that its formulation plant at Dehradun has been reapproved by UK MHRA.
The announcement was made during trading hours today, 17 December 2013.
Meanwhile, the S&P BSE Sensex was up 35.25 points or 0.17% at 20,694.77.
On BSE, so far 26,000 shares were traded in the counter as against average daily volume of 10,317 shares in past one quarter.
The stock hit a high of Rs 372 and a low of Rs 347.05 so far during the day. The stock had hit a record high of Rs 335 on 4 November 2011. The stock had hit a 52-week low of Rs 130 on 9 February 2011.
The stock had outperformed the market over the past one month till 16 December 2013, surging 25.2% compared with the Sensex's 1.28% rise. The scrip had also outperformed the market in past one quarter, jumping 26.47% as against Sensex's 4.65% rise.
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The small-cap company has equity capital of Rs 10.56 crore. Face value per share is Rs 10.
Shares of Sharon Bio-Medicine had rallied 18.33% to settle at Rs 367.95 on Monday, 16 December 2013.
Sharon Bio-Medicine said that its formulation plant at Dehradun has been reapproved by United Kingdom MHRA (Medicines & Health Care Product Regulatory Agency) authorities for complying with principles and other guidelines of good manufacturing practices for tablets and capsules. This will further increase sales to Europe and other regulated countries except United States in near future, the company said in a statement.
Sharon Bio-Medicine's net profit surged 29% to Rs 15.44 crore on 45.6% growth in net sales to Rs 315.41 crore in Q1 September 2013 over Q1 September 2012.
Sharon Bio-Medicine is involved in manufacture of intermediates, active pharmaceutical ingredients and finished dosage forms.
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