Ind-Swift Laboratories jumped 3.14% to Rs 50.85 at 12:04 IST on BSE, with the stock extending Tuesday's rally triggered by the company's announcement that it is contemplating raising of funds to expand the existing manufacturing capacities.
Meanwhile, the S&P BSE Sensex was up 60.51 points or 0.23% at 26,086.31.
On BSE, so far 6.49 lakh shares were traded in the counter as against average daily volume of 1.41 lakh shares in the past one quarter.
The stock hit a high of Rs 54.25 and a low of Rs 50.70 so far during the day. The stock had hit a 52-week high of Rs 57.60 on 3 July 2014. The stock had hit a 52-week low of Rs 19.25 on 7 August 2013.
The stock had outperformed the market over the past one month till 22 July 2014, surging 7.17% as compared to the Sensex's 3.67% rise. The stock had also outperformed the market in the past one quarter, advancing 25.13% as compared to the Sensex's 14.36% rise.
The small-cap company has equity capital of Rs 40.96 crore. Face value per share is Rs 10.
Shares of Ind-Swift Laboratories have rallied 13.75% in two trading sessions from Rs 44.70 on 21 July 2014, after the company during market hours on Tuesday, 22 July 2014 said it is contemplating raising of funds to expand the existing manufacturing capacities. The stock had surged 10.29% to settle at Rs 49.30 on Tuesday, 22 July 2014.
Ind-Swift Laboratories said it is contemplating raising of funds to expand the existing manufacturing capacities including the setting up a new multi product manufacturing blocks, debottlenecking and long term working capital requirements. The company at present is ready with the commercial launch of products viz. Atorvastatin, Fexofenadine, Rosuvastatin, Temozolamide, and Ivabradine developed by its in-house state-of-the-art research and development centre, the company said in a statement.
Ind-Swift Laboratories said it is eyeing the market size in the range of more than 10% to 20% of the generic market of these drugs in coming years upon commercial launch.
The funds raised will enable the company to have capacities to manufacture these products at commercial pace and rise to the next EBITDA level, the company said in a statement
Ind-Swift Laboratories also said that it is eyeing for a strategic investors for which it has accorded mandate to a leading MNC to conduct the due diligence process for the prospective foreign investors who have shown interest in the company.
Ind-Swift Laboratories reported net loss of Rs 64.52 crore in Q4 March 2014, higher than net loss of Rs 12.03 crore in Q4 March 2013. Net sales declined 9.7% to Rs 209.90 crore in Q4 March 2014 over Q4 March 2013.
Ind-Swift Laboratories is a part of the Ind-swift Group. The company manufactures and sells APIs.
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