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Shilpa Medicare gains after board's nod to raise foreign investment limit

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rose 1.27% to Rs 667.65 at 10:53 on after the company's board proposed to increase the foreign investors' shareholding limit to 40% from the existing limit of 30%.

The announcement was made after market hours yesterday, 1 December 2016.

Meanwhile, the S&P Sensex was down 239.26 points or 0.9% at 26,320.66.

On the BSE, 9,843 shares were traded on the counter so far as against the average daily volumes of 11,284 shares in the past one quarter. The stock had hit a high of Rs 683.90 and a low of Rs 660.55 so far during the day.

The stock had hit a record high of Rs 686 on 28 November 2016 and a 52-week low of Rs 355 on 20 January 2016.

The mid-cap company has equity capital of Rs 7.71 crore. Face value per share is Rs 1.

Shilpa Medicare's board at its meeting held yesterday, 1 December 2016, approved raising of funds up to Rs 175 crore by issuing equity shares on preferential basis to TA FII Investors, Mauritius, at Rs 570 per share, which will be classified as a non-promoter shareholder.

On a consolidated basis, Shilpa Medicare's net profit rose 63.9% to Rs 38.24 crore on 21.1% growth in net sales to Rs 209.67 crore in Q2 September 2016 over Q2 September 2015.

is engaged in the business of bulk drugs manufacturing.

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

First Published: Fri, December 02 2016. 10:45 IST