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IOL Chemicals rallies 20.9% in two sessions

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IOL Chemicals & Pharmaceuticals was locked at 10% upper circuit at Rs 72.90 at 11:08 on BSE, with the stock extending Thursday's rally after receiving EUGMP certification from National Institute of Pharmacy and Nutrition.

Meanwhile, the S&P Sensex was up 17.95 points, or 0.06% at 29,479.40. The S&P Small-cap index was up 59.99 points, 0.4% at 14,941.15.

On the BSE, 92,000 shares were traded on the counter so far as against the average daily volumes of 1.01 lakh shares in the past one quarter. The stock had hit a high of Rs 72.90 and a low of Rs 69.90 so far during the day.

The stock had hit a 52-week high of Rs 155.95 on 23 September 2016 and a 52-week low of Rs 58.95 on 12 April 2017. The stock had underperformed the market over the past one month till 13 April 2017, declining 26.66% compared with the Sensex's 1.78% rise. The scrip had also underperformed the market over the past one quarter declining 33.6% as against the Sensex's 8.16% rise.

The small-cap company has equity capital of Rs 56.21 crore. Face value per share is Rs 10.

Shares of IOL Chemicals & Pharmaceuticals have rallied 20.9% in two trading sessions from its close of Rs 60.30 on 12 April 2017, after the company announced after market hours on Wednesday, 12 April 2017 that it received EUGMP Certification from National Institute of Pharmacy and Nutrition, Hungary, for its product Ibuprofen, Lamotrigine, Metformin Hydrochloride confirming compliance with principals of Good Manufacturing Practices as provided by European Union Legislation.

This will facilitate the company to expand its product portfolio in the European market. The stock surged by the 10% upper circuit level to settle at Rs 66.30 on Thursday, 13 April 2017. The was closed on Friday, 14 April 2017, for a holiday.

IOL Chemicals & Pharmaceuticals reported net profit of Rs 1.02 crore in Q3 December 2016, as against net loss of Rs 6.22 crore in Q3 December 2015. Net sales rose 27.9% to Rs 183.03 crore in Q3 December 2016 over Q3 December 2015.

IOL Chemicals & Pharmaceuticals is one of the leading generic pharmaceuticals companies and is significant player in the speciality chemicals space.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, April 17 2017. 11:09 IST