The announcement was made on Saturday, 15 July 2013. Shares of SeQuent Scientific were down 0.75% at Rs 126.
Meanwhile, the S&P BSE Sensex was down 37.76 points, or 0.19%, to 19,920.71.
On BSE, 1,630 shares were traded in the counter as against an average daily volume of 1.31 lakh shares in the past one quarter.
The stock hit a high of Rs 131.80 and a low of Rs 125.05 so far during the day. The stock had hit a record high of Rs 185.90 on 10 September 2012. The stock had hit a 52-week low of Rs 45.60 on 26 June 2013.
The stock had outperformed the market over the past one month till 12 July 2013, rising 15.74% compared with the Sensex's 4.82% rise. The scrip had, however, underperformed the market in past one quarter, sliding 4.11% as against Sensex's 9.41% rise.
The small-cap company has an equity capital of Rs 11.32 crore. Face value per share is Rs 2.
Shasun Pharmaceuticals and Bangalore-based SeQuent Scientific signed a letter of intent (LOI) to form a joint venture (JV) company to develop, manufacture and sell veterinary products inclusive of both active pharmaceutical ingredients (API) and formulations in the global market.
Together the two companies plan to quickly and effectively offer a range of animal health products globally through the JV, they said. SeQuent will hold 73% of the JV and Shasun will own the remaining 27%. In terms of the arrangements proposed in the LOI, SeQuent and Shasun will set up a JV company, into which, contributions will be made by both companies, by way of transfer of identified assets, contracts and licenses.
On successful completion of this arrangement, the JV company will emerge as India's leading provider of animal health solutions, both the companies said in statement.
S Hariharan, chief financial officer, Shasun Pharmaceuticals stated, "We share SeQuent's passion for developing world class animal health care products, and are confident that together we are positioned to cater to the needs for the global market in the growing animal healthcare sector."
The combination with Shasun will deliver synergies and technical arbitrage enabling the venture to become a leading global provider of animal health solutions, said Dr Gautam Kumar Das, Joint MD, SeQuent.
Shasun Pharmaceuticals' consolidated net profit fell 77.5% to Rs 13.26 crore on 9.4% fall in net sales to Rs 261.45 crore in Q4 March 2013 over Q4 March 2012.
Shasun is an integrated, leading global supplier of development and manufacturing services for intermediates, API and formulations to the pharmaceutical industry.
Powered by Capital Market - Live News
