Bliss GVS Pharma was locked in 20% upper circuit at Rs 157.80 at 12:21 IST on BSE after the company's step down subsidiary in Kenya recently won a annual service contract relating to medical healthcare cover.
The announcement was made after market hours yesterday, 2 July 2015.
Meanwhile, the S&P BSE Sensex was up 155.09 points or 0.55% at 28,100.89
On BSE, so far 5.22 lakh shares were traded in the counter as against average daily volume of 72,013 shares in the past one quarter.
The stock hit a high of Rs 157.80 and a low of Rs 138 so far during the day. The stock had hit a record high of Rs 145.70 on 13 April 2015. The stock had hit a 52-week low of Rs 45.05 on 8 August 2014.
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The small-cap stock had outperformed the market over the past one month till 2 July 2015, rising 11.35% compared with 2.79% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 4.28% as against Sensex's 1.11% decline.
The small-cap company has equity capital of Rs 10.31 crore. Face value per share is Re 1.
Bliss GVS Pharma said that a step down subsidiary of the company in Kenya Bliss GVS Healthcare in association with Aon Kenya Insurance Brokers has been awarded an annual service contract worth $35 million to provide medical healthcare cover. This contract covers out-patient services for over 2.88 lakh teachers who are members of Teachers Service Commission of Kenya, Bliss GVS Pharma said. The new cover to be managed by Aon Kenya Insurance Brokers will benefit the principal contributor, his/her spouse and up to four children, the company said.
Bliss GVS Pharma said the medical healthcare cover provides for dental, optical and maternity cover on an out-patient basis. The service payments will be received by the company from Aon, in advance, on a quarterly basis, the company said. The contract is effective 1 July 2015 and the first quarterly payment has been received by the company. Besides, the contract also envisages supplies of company's products from India, for administering to patients covered under this scheme, it added.
Bliss GVS Pharma's net profit surged 327.8% to Rs 6.46 crore on 26.5% rise in net sales to Rs 67.96 crore in Q4 March 2015 over Q4 March 2014.
Bliss GVS Pharma is engaged in manufacturing female contraceptives, soft pessaries and suppositories
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