 "Morepen Laboratories hits fresh 52-week high on heavy volumes")
Morepen Laboratories has rallied 15% to Rs 27.10, also its 52-week high on the National Stock Exchange (NSE) amid heavy volumes.
A combined 15.61 million shares have already changed hands in first 45 minutes of trading as compared to an average sub 10 million shares that were traded daily in past two weeks on the NSE and BSE.
In past one-week, shares of small-sized pharmaceutical company has outperformed the market by surging 47% from Rs 18.40 after reporting a robust set of numbers for the quarter ended September 30, 2015 (Q2FY16). The Nifty 50 index has dipped 2.5% during the same period.
Morepen Laboratories has reported an over 10-fold jump in net profit at Rs 3.22 crore for Q2FY16, on back improvement in sales revenues. It had profit of Rs 31 lakh in the same quarter year ago.
The company’s net income from operations rose by 24% in Q2 at Rs 113 crore from Rs 91.18 crore in the corresponding quarter of previous fiscal. The cash surplus (EBDA) has also shown a significant rise of 49% YoY at Rs 12.74 crore against Rs 8.52 crore in a year ago quarter, Morepen Laboratories said in a press release.
“Our cost reduction efforts coupled with continuous investments in R&D yielded rich dividends for the company as it attained a strong hold in the international markets, which eventually reflected positively on financial front in the current fiscal,” it added.
A combined 15.61 million shares have already changed hands in first 45 minutes of trading as compared to an average sub 10 million shares that were traded daily in past two weeks on the NSE and BSE.
In past one-week, shares of small-sized pharmaceutical company has outperformed the market by surging 47% from Rs 18.40 after reporting a robust set of numbers for the quarter ended September 30, 2015 (Q2FY16). The Nifty 50 index has dipped 2.5% during the same period.
Morepen Laboratories has reported an over 10-fold jump in net profit at Rs 3.22 crore for Q2FY16, on back improvement in sales revenues. It had profit of Rs 31 lakh in the same quarter year ago.
The company’s net income from operations rose by 24% in Q2 at Rs 113 crore from Rs 91.18 crore in the corresponding quarter of previous fiscal. The cash surplus (EBDA) has also shown a significant rise of 49% YoY at Rs 12.74 crore against Rs 8.52 crore in a year ago quarter, Morepen Laboratories said in a press release.
“Our cost reduction efforts coupled with continuous investments in R&D yielded rich dividends for the company as it attained a strong hold in the international markets, which eventually reflected positively on financial front in the current fiscal,” it added.
