Wockhardt hits 52-week high; zooms 100% in three months

The stock zoomed 110% to Rs 1,870 from Rs 889 on December 17, 2014 compared with 7% rise in the Sensex.

Shares of Wockhardt has rallied 4% to Rs 1,870, also its 52-week high on BSE, in otherwise subdued market.

Since February 27, the stock of pharmaceutical firm surged 20% from Rs 1,550 on February 26, 2015 after the company said there were no serious observations raised by the US drug regulator at its manufacturing facility at Waluj, Aurangabad.

The company’s chairman, Dr. Habil Khorakiwala, on a specific query by a news channel appraised the latest position in the US FDA (Food and Drug Administration) issue and informed about inspection carried out by US FDA at the company’s manufacturing facility at Waluj, Aurangabad.

“There were no serious observations raised by the said US FDA which would have bearing on the performance/operations of the Company. Hence at present we do not have any important information / announcement to be shared,” Wockhardt said in a regulatory filing.

The company made statement on a clarification on media reports titled "US FDA raises concern over Wockhardt's plant”.

Meanwhile, since February 4, the stock surged 58% after posted 14% year on year growth in its consolidated net profit at Rs 347 crore for the quarter ended December 2014. The company had profit of Rs 304 crore in a year ago quarter and Rs 3.63 crore in September 2014 quarter.

In past three months, the stock zoomed 110% from Rs 889 on December 17, 2014 compared with 7% rise in S&P BSE Sensex and 18% jump in S&P BSE Healthcare sector index.

Today, the stock opened at Rs 1,792 and touched a low of Rs 1,870 on BSE. A combined 1.34 million shares changed hands on the counter so far on BSE and NSE.

At 1234 hours, Wockhardt was up 3.4% at Rs 1,851 on BSE.