FDC gains after purchasing land in Mumbai

FDC rose 1.46% to Rs at 13:07 IST on BSE after the company said it has purchased a land including factory building at Andheri (West), Mumbai, for a total consideration of Rs 115 crore.

The announcement was made during trading hours today, 20 May 2014.

Meanwhile, the S&P BSE Sensex was up 28.97 points or 0.12% at 24,392.02.

On BSE, so far 93,000 shares were traded in the counter as against average daily volume of 38,716 shares in the past one quarter.

The stock hit a high of Rs 128.70 and a low of Rs 123.50 so far during the day. The stock had hit a record high of Rs 145 on 2 April 2014. The stock had hit a 52-week low of Rs 79 on 28 August 2013.

The stock had underperformed the market over the past one month till 19 May 2014, sliding 6.59% compared with the Sensex's 7.66% rise. The scrip had also underperformed the market in past one quarter, jumping 4.94% as against Sensex's 17.57% rise.

The small-cap company has equity capital of Rs 17.78 crore. Face value per share is Re 1.

FDC said that the company intends to use the land for its business operations.

FDC's net profit rose 15.4% to Rs 40.48 crore on 12.4% growth in net sales to Rs 200.08 crore in Q3 December 2013 over Q3 December 2012.

FDC is a pharmaceutical research and development company, which specializes in the areas of synthetics (basic drugs), nutraceuticals, formulations and biotechnology products.

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