Mexican pact pushes up Wockhardt marginally

DALAL STREET SPIKES

Domestic pharma company Wockhardt ended marginally higher despite impressive fourth quarter results and announcement of a joint venture in Mexico.

The stock came of the day's high of Rs 372.90 to finally close at Rs 362.95, up 0.32 per cent from its previous close.

The price movement of Wockhardt stock, however, indicated that the market was having some clue of the deal in advance. A institutional dealer said, "The counter in fact witnessed some selling pressure soon after the announcement of a JV in the afternoon trade."

More than 1.71 lakh shares changes hands at the counter on BSE on Tuesday. On a consolidated basis, for the year ended 31 December 2004, the Wockhardt group posted a net profit of Rs 63.20 crore as against Rs 50.30 crore on total income of Rs 359 crore.

Going forward, the company is planning to expand its focus on the domestic insulin market through a number of product launches.

Also its emphasis on expanding in emerging markets like South Africa and Mexico should help it to grow its exports turnover aggressively, over the next few quarters.

Matrix is a major manufacturer of APIs operating in the antibiotics and anti-viral space.