Opto Circuits (India) advanced 15.63% to Rs 25.90 at 14:11 IST on BSE after the Union Cabinet reportedly approved 100% Foreign Direct Investment in medical devices via automatic route.
Meanwhile, the BSE Sensex was down 93.60 points, or 0.34%, to 27,412.86
On BSE, so far 31.05 lakh shares were traded in the counter, compared with an average volume of 8.16 lakh shares in the past one quarter.
The stock hit a high of Rs 26.40 and a low of Rs 23.75 so far during the day. The stock hit a 52-week high of Rs 44.50 on 22 May 2014. The stock hit a 52-week low of Rs 18 on 22 October 2014.
The stock had outperformed the market over the past one month till 23 December 2014, falling 0.22% compared with the Sensex's 2.92% fall. The scrip, however, underperformed the market in past one quarter, falling 8.38% as against Sensex's 2.73% rise.
The small-cap company has an equity capital of Rs 242.32 crore. Face value per share is Rs 10.
The Union Cabinet today, 24 December 2014 reportedly approved 100% Foreign Direct Investment (FDI) in medical devices via automatic route. Foreign companies will be allowed to manufacture products in India and also takeover existing plants, reports added. Currently, the medical devices sector falls under the pharmaceutical category and is accordingly subjected to FDI limits and other conditions.
On a consolidated basis, Opto Circuits (India) reported 67.8% fall in net profit to Rs 14.15 crore on 17.3% fall in net sales to Rs 306.10 crore in Q2 September 2014 over Q2 September 2013.
Opto Circuits (India) is a vertically integrated multinational medical technology group that specializes in primary, acute and critical care products for the global markets.
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