Shares of pharma company Sanofi India on Wednesday settled with gains of over 1 per cent after the company posted strong December quarter results.
Traders said the spike in the stock was largely on the back of robust December quarter results and after the company announced a total dividend of Rs 349 per share.
The shares of the company opened on a bullish note at Rs 7,525, then gained ground and touched its 52-week high of Rs 7,637.55, on the BSE, even as the broader market was trading in the negative territory. Finally, it closed 1.61 per cent higher at Rs 7,114.30.
The stock witnessed similar movement on the NSE as well, where it opened at Rs 7,549.95, and rose further to 52-week high of Rs 7,640, registering a rise of 8.80 per cent. The scrip ended the session at Rs 7,100, up 1.12 per cent over the previous close.
The company on Tuesday posted 22.96 per cent jump in profit to Rs 97.3 crore for December quarter 2019. It had posted a profit of Rs 79.3 crore in the year-ago period.
The company follows January-December financial year.
Sanofi India has also recommended a final dividend of Rs 106 per equity share and one-time special dividend of Rs 243 per equity share for the year ended December 31, 2019.
The total dividend recommended is Rs 349 per equity share.
On the volume front, more than 1.38 lakh shares exchanged hands on the NSE and over 12,000 on the BSE.
The spurt in volume was more than 5.89 times on the BSE while the trading session was open.
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