Shilpa Medicare rose 1.96% to Rs 706 at 12:35 IST on BSE after the company said it raised around Rs 172.42 crore by allotting 30.25 lakh shares to Mauritius-based TA FII Investors.
The announcement was made after market hours yesterday, 26 December 2016.Meanwhile, the BSE Sensex was up 129.50 points, or 0.50%, to 25,936.60.
On the BSE, so far 55,000 shares were traded in the counter, compared with average daily volumes of 16,699 shares in the past one quarter. The stock had hit a high of Rs 715 and a low of Rs 642.25 so far during the day.
The stock hit a record high of Rs 786.75 on 21 December 2016. The stock hit a 52-week low of Rs 355 on 20 January 2016. The stock had outperformed the market over the past 30 days till 26 December 2016, rising 11.03% compared with the 1.94% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 27.03% as against Sensex's 8.56% decline.
The mid-cap company has equity capital of Rs 7.71 crore. Face value per share is Re 1.
Shilpa Medicare said that its board at a meeting held yesterday, 26 December 2016, allotted 30.25 lakh equity share at Rs 570 each to TA FII Investors, Mauritius. The allotment was approved by the shareholders at an EGM held yesterday, 26 December 2016. Shareholders also approved increasing foreign investment in the company to 40% from 30%.
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On a consolidated basis, Shilpa Medicare's net profit rose 63.91% to Rs 38.24 crore on 21.12% growth in net sales to Rs 209.67 crore in Q2 September 2016 over Q2 September 2015.
Shilpa Medicare is engaged in the business of bulk drugs manufacturing.
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