Elder Pharma prunes gains after clarification

Meanwhile, the S&P BSE Sensex was down 313.73 points or 1.61% at 19,127.34.

On BSE, 61,000 shares were traded in the counter as against average daily volume of 57,109 shares in the past one quarter.

The stock was volatile. The stock surged by the maximum permissible level of 5% at the day's high of Rs 357.15 so far during the day. The stock lost as much as 2.39% at the day's low of Rs 332 so far during the day. The stock had hit a 52-week low of Rs 202.15 on 14 May 2013. The stock had hit a record high of Rs 474 on 5 December 2012.

The stock had outperformed the market over the past one month till 10 June 2013, surging 9.14% compared with the Sensex's 3.19% slide. The scrip had also outperformed the market in past one quarter, rising 3.26% as against Sensex's 1.23% slide.

The small-cap company has equity capital of Rs 20.54 crore. Face value per share is Rs 10.

Elder Pharmaceuticals issued the clarification after media reports said that the Mumbai-based pharmaceutical firm has been put on the block as it grapples with mounting debts and rising competition. The promoters of Elder Pharmaceuticals own 39.99% stake in the company (as per the shareholding pattern as on 31 March 2013).

Elder Pharmaceuticals' consolidated net profit rose 15.3% to Rs 20.99 crore on 6.6% decline in net sales to Rs 322.74 crore in Q4 March 2013 over Q4 March 2012.

Elder Pharmaceuticals is a Mumbai-based pharmaceutical manufacturing and marketing organization.

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