Dishman Pharma snaps two-day 30% rally

Dishman Pharmaceuticals & Chemicals lost 1.49% to Rs 297 at 12:44 IST on BSE, with the stock sliding on profit booking after recent sharp rally.

Meanwhile, the S&P BSE Sensex was up 33.55 points or 0.11% at 29,564.98.

On the BSE, 4.74 lakh shares were traded on the counter so far as against the average daily volumes of 2.41 lakh shares in the past one quarter. The stock had hit a high of Rs 309.40 and a low of Rs 293.10 so far during the day. It had hit a record high of Rs 321.50 on 29 March 2017 and a 52-week low of Rs 127.60 on 24 June 2016.

The mid-cap company has equity capital of Rs 32.28 crore. Face value per share is Rs 2.

Shares of Dishman Pharmaceuticals & Chemicals (Dishman Pharma) had rallied 30.04% in the preceding two trading sessions to settle at Rs 301.50 yesterday, 29 March 2017, from its close of Rs 231.85 on 27 March 2017. The rally in the stock materialized on media reports that the company has received approval from the US Food and Drug Administration (USFDA) for cancer drug Zejula Capsules.

Dish Pharma, in a clarification issued to the stock exchanges during market hours on 28 March 2017, said that the company is bound by strict confidentiality agreements with its customers and will not have any prior knowledge of the stage of development of the customer's end product.

Dish Pharma further added that since it does not manufacture the innovator's end product in contract research and manufacturing services (CRAMS) segment, it is Tesaro Inc., which has received the USFDA approval for cancer drug Zejula Capsules and not Dishman Pharma as mentioned in media reports.

Dishman Pharmaceuticals & Chemicals' consolidated net profit rose 13.2% to Rs 50.68 crore on 7.6% decrease in net sales to Rs 356.47 crore in Q3 December 2016 over Q3 December 2015.

Dishman Pharmaceuticals & Chemicals acts as a full fledged CRAMS (contract research and manufacturing services) partner for global pharma innovators. It also makes phase transfer catalysts, Vitamin D, Vitamin D analogues, cholesterol, laolin related products, antiseptic and disinfectant formulations for pharmaceutical, cosmetic and related markets. The company also makes generic active pharmaceutical ingredients (API) and intermediates for the pharmaceutical industries.

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