Suven Life Sciences rose 1.68% to Rs 187.90 at 11:10 IST on BSE after the company announced the grant of one product patent from India.
The announcement was made during market hours today, 7 December 2016.Meanwhile, the BSE Sensex was up 50.21 points, or 0.19%, to 26,444.92.
On the BSE, 20,974 shares were traded in the counter so far, compared with average daily volume of 83,973 shares in the past one quarter. The stock had hit a high of Rs 188.70 and a low of Rs 183.45 so far during the day. The stock had hit a 52-week high of Rs 275.20 on 29 December 2015. The stock had hit a 52-week low of Rs 144.35 on 19 February 2016.
The stock had outperformed the market over the past one month till 6 December 2016, rising 5.78% compared with the Sensex's 3.23% fall. The scrip had also outperformed the market in past one quarter, falling 2.58% as against the Sensex's 8.92% fall.
The small-cap company has equity capital of Rs 12.73 crore. Face value per share is Re 1.
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Suven Life Sciences said that the patent is corresponding to the new chemical entities (NCEs) for the treatment of disorders associated with neurodegenerative diseases and the patent is valid through 2024.
Suven has a total of twenty granted patents from India, with this new patent. These granted patents are exclusive intellectual property of Suven and are achieved through the internal discovery research efforts. Products out of these inventions may be out-licensed at various phases of clinical development like at phase-I or phase-II.
Suven Life Sciences' net profit rose 5.2% to Rs 26.56 crore on 1.2% decline in net sales to Rs 115.55 crore in Q2 September 2016 over Q2 September 2015.
Suven Life Sciences is a biopharmaceutical company specializing in drug discovery and developmental activities in central nervous system disorders and contract research and manufacturing services (CRAMS).
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