Divi's Labs gallops after stellar Q2 result

Divi's Laboratories jumped 13.32% to Rs 1,420.90 at 14:12 IST on BSE after net profit surged 92.31% to Rs 397.65 crore on 47.77% rise in total income to Rs 1365.05 crore in Q2 September 2018 over Q2 September 2017.

The result was announced on Saturday, 27 October 2018.

Meanwhile, the S&P BSE Sensex was up 462.89 points, or 1.39% to 33,812.20

On the BSE, 2.95 lakh shares were traded in the counter so far compared with average daily volumes of 27,000 shares in the past two weeks. The stock had hit a high of Rs 1,450.40 and a low of Rs 1,325 so far during the day.

Divi's Laboratories' forex gain amounted to about Rs 53 crore in Q2 September 2018 as against a gain of about Rs 11 crore in Q2 September 2017.

In order to cater to the increasing opportunities in generic and big pharma business, Divi's Laboratories is taking up two brownfield projects with an aggregate investment of Rs 1200 crore. Work has already commenced and the projects are expected to be completed by end of the year 2019 barring unforeseen circumstances, Divi's Laboratories said. The company is also taking up debottlenecking programs at Unit-1 as well as Unit-2 by investing an aggregate amount of Rs 300 crore which would also create additional capacities for existing products, it added.

Divi's Laboratories is engaged in manufacturing and sale of active pharmaceutical ingredients (APIs) and Intermediates.

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