Arrow Greentech gains about 9% in two sessions

Arrow Greentech rose 1.28% to Rs 527.40 at 12:25 IST on BSE, extending yesterday's gains triggered by the company securing patent for manufacturing embedded water soluble film carrier in US.

Meanwhile, the S&P BSE Sensex was up 97.47 points, or 0.29% to 33,685.55.

On the BSE, 3,557 shares were traded in the counter so far, compared with average daily volumes of 12,737 shares in the past one quarter. The stock had hit a high of Rs 531.80 and a low of Rs 517.85 so far during the day. The stock hit a 52-week high of Rs 715 on 7 September 2017. The stock hit a 52-week low of Rs 417 on 22 March 2017.

The stock had underperformed the market over the past 30 days till 23 November 2017, falling 3.89% compared with 1.65% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 9.04% as against Sensex's 6.30% rise. The scrip had also underperformed the market in past one year, rising 12.44% as against Sensex's 29.88% rise.

The small-cap company has equity capital of Rs 11.74 crore. Face value per share is Rs 10.

Arrow Greentech (AGTL) said it has received a grant for patent titled "method of manufacturing embedded water soluble film carrier" Patent No. 9744695 dated 29 August 2017, from United States of America Patent Office.

This invention relates to a water-soluble film (WSF) system with actives embedded/entrapped therein to provide precise and desired release of pharmaceutical actives there from and its method of manufacturing for diverse applications.

The announcement was made after market hours on Wednesday, 22 November 2017. Shares of Arrow Greentech jumped 7.54% to settle at Rs 520.75 yesterday, 23 November 2017. The stock has risen 8.91% in two sessions from its close of Rs 484.25 on Wednesday, 22 November 2017.

On a consolidated basis, net profit of Arrow Greentech declined 43.01% to Rs 4.93 crore on 18.46% rise in net sales to Rs 14.63 crore in Q2 September 2017 overe Q2 September 2016.

Arrow Greentech (formerly known as Arrow Coated Products) is engaged in manufacturing bio-degradable water soluble film.

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