Dishman Pharmaceuticals & Chemicals surged 10.35% to Rs 307 at 12:12 IST on BSE, with the stock extending Tuesday's rally amid media reports surrounding US drug regulator's approval for a cancer drug.
Meanwhile, the S&P Sensex was up 98.74 points or 0.34% at 29,508.26. The S&P BSE Mid-cap index was up 40.15 points or 0.29% at 13,951.80.
High volumes were witnessed on the counter. On the BSE, 20.19 lakh shares were traded on the counter so far as against the average daily volumes of 2.01 lakh shares in the past one quarter. The stock had hit a high of Rs 321.50 so far during the day, which is also its record high. The stock hit a low of Rs 287.95 so far during the day.
The stock had hit a 52-week low of Rs 127.60 on 24 June 2016. It had outperformed the market over the past one month till 28 March 2017, advancing 20.59% compared with the Sensex's 2.32% rise. The scrip had also outperformed the market over the past one quarter advancing 32.67% as against the Sensex's 12.2% rise.
The mid-cap company has equity capital of Rs 32.28 crore. Face value per share is Rs 2.
Shares of Dishman Pharmaceuticals & Chemicals (Dishman Pharma) have rallied 32.41% in two trading sessions from Rs 231.85 on 27 March 2017. The stock had rallied 20% to settle at Rs 278.20 yesterday, 28 March 2017 on media reports that the company has received approval from the US Food and Drug Administration (USFDA) for cancer drug Zejula Capsules.
Dish Pharma, in a clarification issued to the stock exchanges during market hours yesterday, 28 March 2017, said that the company is bound by strict confidentiality agreements with its customers and will not have any prior knowledge of the stage of development of the customer's end product.
Dish Pharma further added that since it does not manufacture the innovator's end product in contract research and manufacturing services (CRAMS) segment, it is Tesaro Inc., which has received the USFDA approval for cancer drug Zejula Capsules and not Dishman Pharma as mentioned in media reports.
Dishman Pharmaceuticals & Chemicals' consolidated net profit rose 13.2% to Rs 50.68 crore on 7.6% decrease in net sales to Rs 356.47 crore in Q3 December 2016 over Q3 December 2015.
Dishman Pharmaceuticals & Chemicals acts as a full fledged CRAMS (contract research and manufacturing services) partner for global pharma innovators. It also makes phase transfer catalysts, Vitamin D, Vitamin D analogues, cholesterol, laolin related products, antiseptic and disinfectant formulations for pharmaceutical, cosmetic and related markets. The company also makes generic active pharmaceutical ingredients (API) and intermediates for the pharmaceutical industries.
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