Astrazeneca Pharma India recovers on bargain hunting

Astrazeneca Pharma India rose 2.33% to Rs 1089.20 at 12:11 IST on BSE, with the stock recovering on bargain hunting after recent steep slide.

Meanwhile, the S&P BSE Sensex was up 271.21 points or 1.26% at 21,785.08.

On BSE, so far 22,000 shares were traded in the counter as against average daily volume of 18,796 shares in the past one quarter.

The stock hit a high of Rs 1126.25 and a low of Rs 1072 so far during the day. The stock had hit a 52-week high of Rs 1,285 on 4 March 2014. The stock had hit a 52-week low of Rs 595 on 26 March 2013.

The stock had outperformed the market over the past one month till 6 March 2014, surging 43.03% compared with the Sensex's 5.92% rise. The scrip had also outperformed the market in past one quarter, advancing 27.73% as against Sensex's 2.46% rise.

The small-cap company has equity capital of Rs 5 crore. Face value per share is Rs 2.

Shares of Astrazeneca Pharma India had declined 14.08% in two trading sessions to settle at Rs 1064.35 on Thursday, 6 March 2014 from a recent high of Rs 1238.85 on 4 March 2014. Astrazeneca Pharma India after market hours on Wednesday, 5 March 2014 said its board deferred the proposed delisting of the firm's shares from the domestic stock exchanges.

AstraZeneca Pharma India, the Indian arm of Swedish drug maker AstraZeneca Pharmaceuticals AB (AZP AB), has deferred its delisting from the stock exchanges, which had been proposed by its parent company last week. The company's board, at a meeting on Wednesday, 5 March 2014, decided to seek additional information on the delisting proposal from the parent. Pending receipt of such additional information, consideration of the promoter's letter dated 1 March 2014 was deferred, the Indian company said in a statement.

On Saturday, 1 March 2014, the company said that its board received a letter from AZP AB, promoter of the company, proposing to delist the equity shares of the company from Indian stock exchanges (BSE, NSE and Bangalore Stock Exchange). AZP AB holds 75% in the company.

Astrazeneca Pharma India reported a net profit of Rs 1.52 crore in Q3 December 2013 as against net loss of Rs 17.70 crore in Q3 December 2012. Net sales rose 13.3% to Rs 118.88 crore in Q3 December 2013 over Q3 December 2012.

AstraZeneca Pharma India is one of the leading pharmaceutical companies, with a broad range of medicines designed to fight disease in important areas of healthcare. The company is involved in both manufacturing and marketing of medicines.

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