FDC hits record high on strong Q3 results

FDC jumped 7.05% to Rs 272.60 at 10:40 IST on BSE after net profit surged 93.6% to Rs 42.66 crore on 13% growth in net sales to Rs 248.77 crore in Q3 December 2017 over Q3 December 2016.

The result was announced after market hours yesterday, 7 February 2018.

Meanwhile, the S&P BSE Sensex was up 441.82 points, or 1.3% at 34,524.53. The S&P BSE Mid-Cap Index was up 224.02 points, or 1.37% at 16,574.76, outperforming the Sensex.

High volumes were witnessed on the counter. On the BSE, 42,178 shares were traded on the counter so far as against the average daily volumes of 15,641 shares in the past on quarter. The stock had hit a high of Rs 279.70 in intraday trade, which is also a record high for the stock. The stock had hit a low of Rs 265.40 so far during the day. The stock had hit a 52-week low of Rs 164 on 31 August 2017.

The stock has surged 20.75% in four sessions to its ruling price of Rs 272.60, from a close of Rs 232.20 on 5 February 2018.

The stock had outperformed the market over the past one month till 7 February 2018, gaining 4.92% compared with 0.21% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 27.39% as against Sensex's 2.13% rise. The scrip had also outperformed the market in past one year, advancing 21.46% as against Sensex's 20.28% rise.

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

Separately, the company said that its board of directors approved the buyback of not exceeding 34.3 lakh fully paid up shares at a price of Rs 350 per share for an aggregate amount not exceeding Rs 120.05 crore from the equity shareholders of the company on a proportionate basis through the tender offer route.

The buyback price of Rs 350 was at a good premium of 28.39% over the ruling price of Rs 272.60.

FDC is a pharmaceutical company. The company is engaged in manufacture of specialized formulations, and oral rehydration salts (ORS).

Powered by Capital Market - Live News