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Torrent Pharma advances on raising funds

Capital Market 

Torrent Pharmaceuticals rose 1.02% to Rs 1,299.05 at 12:25 on after the company said that it has issued non-convertible debentures on private placement basis for Rs 500 crore.

The coupon rate on debentures is 7% per annum. The tenor of the debentures is 360 days, with date of maturity being 29 November 2018.

The announcement was made after market hours yesterday, 5 December 2017.

Meanwhile, the S&P Sensex was down 141.62 points or 0.43% at 32,660.82.

More than usual volumes were witnessed on the counter. On the BSE, 61,994 shares were traded in the counter so far as against average daily volume of 13,810 shares in the past one quarter. The stock had hit a high of Rs 1,315.25 and a low of Rs 1,275.25 so far during the day. The stock had hit a record high of Rs 1,572.10 on 31 March 2017. The stock had hit a 52-week low of Rs 1,143.50 on 29 May 2017.

The stock had outperformed the market over the past one month till 5 December 2017, falling 2.23% compared with 2.62% drop in the Sensex. The scrip had also outperformed the market in past one quarter, rising 5.12% as against Sensex's 3.12% rise. The scrip had, however, underperformed the market in past year, dropping 3.65% as against Sensex's 24.49% rise.

The large-cap company has equity capital of Rs 84.61 crore. Face value per share is Rs 5.

Torrent Pharmaceuticals' consolidated net profit dropped 1.4% to Rs 204 crore on 0.4% fall in net sales to Rs 1401 crore in Q2 September 2017 over Q2 September 2016.

Torrent Pharmaceuticals is the flagship company of the Torrent Group. The company is engaged in the manufacture of formulations and bulk drugs.

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

First Published: Wed, December 06 2017. 13:45 IST