Wockhardt jumped 8.89% to Rs 786 at 11:36 IST on BSE, with the stock extending Monday's rally triggered by the company saying that the regulator in Himachal Pradesh has revoked the suspension on manufacture and sale of a product.
Meanwhile, the BSE Sensex was down 107.05 points, or 0.47%, to 22,524.56
On BSE, so far 12.56 lakh shares were traded in the counter, compared with an average volume of 4.23 lakh shares in the past one quarter.
The stock hit a high of Rs 797.65 and a low of Rs 727 so far during the day. The stock hit a 52-week high of Rs 1,944.85 on 2 May 2013. The stock hit a 52-week low of Rs 336.60 on 16 December 2013.
The stock had outperformed the market over the past one month till 28 April 2014, surging 59.02% compared with the Sensex's 1.31% rise. The scrip had also outperformed the market in past one quarter, jumping 84.44% as against Sensex's 9.42% rise.
The mid-cap company has an equity capital of Rs 54.88 crore. Face value per share is Rs 5.
Workhardt during market hours on Monday, 28 April 2014 said that the State Drug Controller, Himachal Pradesh has revoked the suspension and accordingly the company will continue to manufacture, sell and distribute the Fixed Dose Combination (FDC) of Dicyclomine Hydrochloride IP 10mg, Tramadol Hydrochloride IP 50mg & Acetamenophen IP 325mg. Shares of Wockhardt had gained 11.73% to settle at Rs 721.80 on Monday, 28 April 2014. The stock surged 21.67% in two trading days from recent low of Rs 646 on 25 April 2014.
On 23 April 2014, Wockhardt announced that the State Drug Controller, Himachal Pradesh, has suspended the manufacture, sale or distribution of Fixed Dose Combination (FDC) Dicyclomine Hydrochloride IP 10 milligram (mg), Tramadol Hydrochloride IP 50 mg and Acetamenophen IP 325 mg.
The company in order to revoke the said suspension is filing an appeal before the State Government under the provisions of applicable law. The product contributed less than 3% of the consolidated sales of Wockhardt during the financial year ended 31 March 2014 (FY 2014), the company said in a statement on 23 April 2014.
On a consolidated basis, Wockhardt's net profit fell 28.8% to Rs 304.45 crore on 13.8% decline in net sales to Rs 1236.35 crore in Q3 December 2013 over Q3 December 2012.
Wockhardt is a high-technology intensive global pharmaceutical and biotechnology company with multi-disciplinary and innovative R&D programmes. It has three research centres globally and manufacturing facilities across India, USA, UK and Ireland. The company has a significant presence in USA, Europe and India.
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