Bafna Pharma surges 14.58% in two days on CRISIL rating upgrade

Bafna Pharmaceuticals jumped 8.33% to Rs 35.75 at 11:13 IST on BSE, with the stock extending Wednesday's gains triggered by ratings agency CRISIL upgrading short term and long term rating of the company.

Meanwhile, the BSE Sensex was down 0.98 points, to 28,031.87

On BSE, so far 86,541 shares were traded in the counter as against average daily volume of 44,527 shares over the past one quarter.

The stock hit a high of Rs 36.50 and a low of Rs 34.45 so far during the day. The stock had hit a 52-week high of Rs 38.50 on 2 July 2014 and a 52-week low of Rs 16.90 on 31 March 2014.

The stock had outperformed the market over the past one month till 19 November 2014, rising 11.11% compared with the Sensex's 7.37% rise. The scrip had also outperformed the market in past one quarter, gaining 27.41% as against Sensex's 6.1% rise.

The small-cap company has an equity capital of Rs 18.66 crore. Face value per share is Rs 10.

Bafna Pharmaceuticals during market hours on Wednesday, 19 November 2014 said that ratings agency CRISIL has upgraded the rating as CRISIL BB-/stable (Upgraded from CRISIL D) for long term rating & CRISIL A4+ (Upgraded from CRISIL D) for short term rating in respect of total bank facilities. The stock had gained 5.77% to settle at Rs 33 on Wednesday, 19 November 2014. Shares of the company gained 14.58% in two trading days from a recent low of Rs 31.20 on 18 November 2014.

Bafna Pharmaceuticals reported 2691.6% surge in net profit to Rs 33.22 crore on 50.6% slide in net sales to Rs 23.19 crore in Q2 September 2014 over Q2 September 2013.

Bafna Pharmaceuticals is a pharmaceutical company engaged in the manufacture of drugs and medicines. The company's products consist of various formulations in solid orals and liquid orals.

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