Eris Lifesciences rose 1.02% to Rs 592 at 12:21 IST on BSE after the central bank allowed hike in investment limit by foreign portfolio investors from 24% to 49% of its paid up capital.
Meanwhile, the S&P BSE Sensex was up 201.26 points or 0.64% at 31,493.11. The S&P BSE Mid-Cap index was up 141.52 points or 0.95% at 15,067.41.
On the BSE, 13,000 shares were traded in the counter so far as against average daily volume of 1.64 lakh shares in the past one quarter. The stock had hit a high of Rs 607.05 and a low of Rs 589.25 so far during the day. The stock had hit a record high of Rs 728 on 14 July 2017. The stock had hit a record low of Rs 510.50 on 11 August 2017. The stock had underperformed the market over the past one month till 22 August 2017, falling 4.77% compared with 2.3% decline in the Sensex.
The mid-cap company has equity capital of Rs 13.75 crore. Face value per share is Re 1.
The Reserve Bank of India (RBI) notified after market hours yesterday, 22 August 2017, that foreign institutional investors (FIIs)/foreign portfolio investors (FPIs) investment limit under portfolio investment scheme in Eris Lifesciences has increased from 24% to 49% of its paid up capital. Further, it is notified that the NRI investment limit under portfolio investment scheme in Eris Lifesciences has increased from 10% to 24% of its paid up capital.
Eris Lifesciences' consolidated net profit rose 12.87% to Rs 70.84 crore on 1.53% rise in net sales to Rs 185.21 crore Q1 June 2017 over Q1 June 2016.
Eris Lifesciences undertakes research and development (R&D) and manufactures and sells branded pharmaceutical products in select therapeutic areas within the chronic and acute categories of the Indian pharmaceutical market (IPM). The categories include cardiovascular, anti-diabetics, vitamins, gastroenterology and anti-infectives. The focus is on developing products in the chronic and acute categories that are linked to lifestyle-related disorders.
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