Sharon Bio-Medicine surged 9.75% to Rs 15.20 at 14:20 IST on BSE after the firm said its board approved allotment of 66.51 lakh equity shares at Rs 50 per share to three promoters, upon their exercise of option to convert warrants into equity shares.
Meanwhile, the S&P BSE Sensex was up 330.06 points or 1.25% at 26,811.31.
On BSE, so far 3.67 lakh shares were traded in the counter as against average daily volume of 2.90 lakh shares in the past one quarter.
The stock hit a high of Rs 15.20 and a low of Rs 14.15 so far during the day. The stock had hit a record high of Rs 90.20 on 15 September 2014. The stock had hit a 52-week low of Rs 13.60 on 8 June 2015.
The stock had underperformed the market over the past one month till 9 June 2015, sliding 19.48% compared with Sensex's 2.3% fall. The scrip had also underperformed the market in past one quarter, declining 29.87% as against Sensex's 8.19% fall.
The small-cap company has equity capital of Rs 22.46 crore. Face value per share is Rs 2.
Sharon Bio-Medicine reported net loss of Rs 48.85 crore in Q3 March 2015 as against net profit of Rs 17.84 crore in Q3 March 2014. Net sales declined 59.1% to Rs 129.15 crore in Q3 March 2015 over Q3 March 2014.
Sharon Bio-Medicine is involved in manufacture of intermediates, active pharmaceutical ingredients and finished dosage forms.
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