Lincoln Pharmaceuticals gained 1.71% to Rs 193 at 14:00 IST on BSE after the company said that it has incorporated wholly owned subsidiary company, Savebux Finance & Investment in India.
The announcement was made during market hours today, 18 October 2017.Meanwhile, the BSE Sensex was up 40.11 points, or 0.12%, to 32,649.27. The BSE Small-Cap index was up 40.32 points, or 0.24%, to 17,106.47, outperforming the Sensex.
On the BSE, 12,292 shares were traded in the counter so far, compared with an average volume of 17,934 shares in the past one quarter. The stock had hit a high of Rs 195 and a low of Rs 187.60 so far during the day. The stock had hit a 52-week high of Rs 256.20 on 29 March 2017. The stock had hit a 52-week low of Rs 148 on 11 August 2017.
The stock had outperformed the market over the past one month till 17 October 2017, gaining 20.02% compared with 1.04% gains in the Sensex. The scrip had, however, underperformed the market in past one quarter, declining 1.33% as against Sensex's 1.67% rise. The scrip had also underperformed the market in past one year, dropping 16.63% as against Sensex's 18.45% rise.
The small-cap company has an equity capital of Rs 16.31 crore. Face value per share is Rs 10.
Savebux Finance & Investment has been incorporated with an object to carry out non-banking financial institution (NBFI) activities and the company is yet to commence its business operations.
The subsidiary will be required to obtain the approvals from the Reserve Bank of India and such other competent authorities as may be necessary. The subsidiary will have paid up capital of Rs 2 crore.
On a consolidated basis, net profit of Lincoln Pharmaceuticals fell 56.9% to Rs 4.91 crore on 51.3% rise in net sales to Rs 134.86 crore in Q1 June 2017 over Q1 June 2016.
Ahmedabad-based Lincoln Pharmaceuticals is engaged in manufacturing and exporting pharmaceuticals formulations under various therapeutic product group.
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