Shares of Shasun Pharmaceuticals and Sequent Scientific rose 1.87% to 4.76% at 14:35 IST on BSE as the joint venture company of these two firms has successfully completed the transactions which were agreed upon at the time of formation of the JV firm
Shasun Pharmaceuticals (up 4.76% at Rs 88) and Sequent Scientific (up 1.87% at Rs 210) edged higher.
Meanwhile, the S&P BSE Sensex was down 155.25 points or 0.68% at 22,560.08.
Shasun Pharmaceuticals had outperformed the market over the past one month till 10 April 2014, surging 12.68% compared with the Sensex's 3.56% rise. The scrip had, however, underperformed the market in past one quarter, advancing 1.63% as against Sensex's 9.43% rise.
Sequent Scientific had underperformed the market over the past one month till 10 April 2014, surging 3.07% compared with the Sensex's 3.56% rise. The scrip had, however, outperformed the market in past one quarter, jumping 17.46% as against Sensex's 9.43% rise.
Shasun Pharmaceuticals and Sequent Scientific during trading hours today, 11 April 2014 said that with reference to the earlier announcements dated 13 July 2013 and 7 March 2014, regarding entering into a joint venture (JV) agreement to develop, manufacture and sell veterinary products Inclusive of both API (Active Pharmaceuticals Ingredients) and formulations in the global market, the JV company named Alivira Animal Health (Alivira) has successfully completed the transactions viz. Alivira has allotted 74 lakh equity shares to Shasun Pharmaceuticals in consideration for the transfer of the Shasun's Vizag Unit. Further, Alivira has also allotted 21.14 lakh shares to Devicam Capital LLP, an enterprise jointly owned by the promoters of Shasun Pharmaceuticals and Sequent Scientific for cash.
Shasun Pharmaceuticals' consolidated net profit surged 58.8% to Rs 13.04 crore on 20.3% growth in net sales to Rs 309.38 crore in Q3 December 2013 over Q3 December 2012.
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Shasun Pharmaceuticals is an integrated, leading global supplier of development and manufacturing services for intermediates, API and formulations to the pharmaceutical industry.
Sequent Scientific reported a net loss of Rs 26.50 crore in Q3 December 2013, higher than net loss of Rs 11.28 crore in Q3 December 2012. Net sales rose 35.4% to Rs 111.96 crore in Q3 December 2013 over Q3 December 2012.
Sequent Scientific is an integrated pharmaceutical company with a global footprint.
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