SeQuent Scientific rose 3.78% to Rs 181.30 at 9:51 IST on BSE after the Reserve Bank of India notified increasing the foreign investment limit in the company up to 49% of its paid-up capital.
Meanwhile, the S&P BSE Sensex was up 188.77 points or 0.76% at 24,906.76.
On BSE, so far 11,000 shares were traded in the counter as against average daily volume of 22,488 shares in the past one quarter. The stock hit a high of Rs 183.90 and a low of Rs 179 so far during the day. The stock had hit a record high of Rs 260 on 22 December 2015. The stock had hit a 52-week low of Rs 95.02 on 27 March 2015. The stock had outperformed the market over the past one month till 11 March 2016, surging 15.54% compared with the Sensex's 7.7% rise. The stock had, however, underperformed the market in past one quarter, declining 25.12% as against Sensex's 1.3% fall.
The mid-cap company has equity capital of Rs 47.65 crore. Face value per share is Rs 2.
The Reserve Bank of India (RBI) on Friday, 11 March 2016, notified that foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can now invest up to 49% of the paid-up capital of SeQuent Scientific from its earlier limit of 32.46%, under the Portfolio Investment Scheme (PIS). The RBI has stated that the company has passed resolutions at its Board of Directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares by FIIs/RFPIs. The purchases could be made through primary market and stock exchanges.
FIIs held 16.61% stake in SeQuent Scientific as per the shareholding pattern as on 31 December 2015.
On consolidated basis, SeQuent Scientific reported net loss of Rs 11.25 crore in Q3 December 2015, lower than net loss of Rs 11.28 crore in Q3 December 2014. Net sales rose 34.7% to Rs 149.84 crore in Q3 December 2015 over Q3 December 2014.
SeQuent Scientific is an integrated pharmaceutical company with a global footprint, operating in the domains of animal health (API and formulation) and human health (API).
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