Strides Arcolab lost 3.92% to Rs 881 at 14:03 IST on BSE, with the stock falling on profit booking after recent upmove.
Meanwhile, the S&P BSE Sensex was up 58.42 points or 0.32% at 18,459.46
On BSE, 23,236 shares were traded in the counter as against average daily volume of 77,346 shares in the past one quarter.
The stock hit a high of Rs 919.20 and a low of Rs 875.60 so far during the day. The stock hit a record high of Rs 1,224.90 on 5 December 2012. The stock had hit a 52-week low of Rs 552.65 on 1 August 2013.
The stock had outperformed the market over the past one month till 29 August 2013, surging 31.7% compared with the Sensex's 6.08% fall. The scrip had also outperformed the market in past one quarter, advancing 3.66% as against Sensex's 8.67% fall.
The mid-cap-cap company has equity capital of Rs 59.10 crore. Face value per share is Rs 10.
Shares of Strides Arcolab had gained 14.15% in four trading sessions to Rs 916.90 on 29 August 2013 from a recent low of Rs 803.25 on 23 August 2013. The upmove caught momentum after the Foreign Investment Promotion Board (FIPB) on 27 August 2013, gave its nod for US-based Mylan Inc's proposal to acquire Agila Specialties -- a subsidiary of Strides Arcolab.
Since the Mylan's investment proposal is of over Rs 1200 crore, it will go to the cabinet committee on economic affairs for final approval. Earlier, FIPB had taken up the proposal in its 5 July meeting, but kept decision in abeyance pending finalisation of policy on FDI in brownfield pharma projects involving transfer of control.
On 28 February 2013, Strides Arcolab and the US-based Mylan Inc signed a massive $1.6 billion plus agreement by which the US drug major will acquire Agila Specialties, the injectable medicine business of Strides.
Strides Arcolab reported net profit of Rs 2.16 crore in Q2 June 2013, as against net loss of Rs 19.90 crore in Q2 June 2012. Net sales declined 7.3% to Rs 150.83 crore in Q2 June 2013 over Q2 June 2012.
Strides Arcolab is a global pharmaceutical company headquartered in Bangalore. The company develops and manufactures a wide range of IP-led niche pharmaceutical products with an emphasis on sterile injectables.
Powered by Capital Market - Live News
