Venus Remedies zooms over 25% from 52-week low on heavy volumes

The stock rallied 20% to Rs 123, bouncing back 29% from its 52-week low of Rs 96 touched in early trade on the NSE.

Shares of Venus Remedies has moved higher by 20% to Rs 123, bouncing back 29% from its 52-week low touched in early morning trade on the National Stock Exchange (NSE).

The stock opened at Rs 105 and hit a fresh 52-week low of Rs 96 on the NSE. The trading volumes on the counter jumped more than five-fold with a combined 2.01 million shares changed hands on the NSE and BSE.

Since February 9, 2015, the market value of pharmaceutical company almost halved from Rs 184, after the Morgan Stanley Mauritius Company sold 58,522 equity shares of the company at an average price of Rs 175 per share through open market.

On February 19, Merrill Lynch Capital Markets Espafia S.A, S.V had offloaded 45,144 shares at price of Rs 164 per share, Venus Remedies said in a statement.

From its 52-week high of Rs 382, touched in September last year, the stock tanked 75% after the rating agency Crisil downgraded its ratings on the bank facilities.

Meanwhile, the company had reported a sharp 51% year on year dropped in its net profit at Rs 22.70 crore in the first nine months (April-December) of the current financial year 2014-15, due to lower operational income. The company had profit of Rs 46.84 crore in the same period last fiscal.