Abbott India still reaping quarterly gains

DALAL STREET SPIKES

MNC pharma company Abbott India gained for the third consecutive day backed by strong first quarter results which were announced on Wednesday.

The stock since then has appreciated 7.23 per cent from Rs 429 to today's close of Rs 460.70. The stock in Friday's trading gained 1.86 per cent with volumes accounting for 8,240 shares at the BSE.

Abbott India reported a 89 per cent rise in its net profit to Rs 19.43 crore as against Rs 10.30 crore in the same quarter last year, on a 13 per cent growth in sales to Rs 92.95 crore.

The parent company, Abbott Laboratories, holds 61.7 per cent in the company as of February 2004, up from 58.2 per cent in February 2003.

The increase in the overseas parent's stake was due to buyback of shares by the company at Rs 350 per share in February 2003.