Indoco Remedies declines after fire damages products in CWH godown at Indore

Indoco Remedies declined 1.75% to Rs 353.20 at 14:50 IST on BSE after the company said stock of finished goods and samples at its CWH godown at Indore have been damaged due to fire.

The company made announcement during market hours today, 22 April 2015.

Meanwhile, the BSE Sensex was down 100.33 points, or 0.44%, to 27,553.80.

On BSE, so far 13,506 shares were traded in the counter, compared with an average volume of 18,006 shares in the past one quarter.

The stock hit high of Rs 362.58 and low of Rs 351 so far during the day. The stock had hit a record high of Rs 400.80 on 6 April 2015. The stock had hit a 52-week low of Rs 132 on 30 April 2014.

The stock had outperformed the market over the past one month till 21 April 2015, rising 3.72% compared with 2.07% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 13.19% as against Sensex's 4.2% decline.

The mid-cap stock has an equity capital of Rs 18.43 crore. Face value per share is Rs 2.

Indoco Remedies said stocks of finished goods and samples at its CWH godown at Indore have been adequately insured. The company is in the process of assessing the damage and lodging a claim with the insurance company.

Indoco Remedies' consolidated net profit rose 47.9% to Rs 2.10 crore on 47.1% rise in total income to Rs 73.96 crore in Q3 December 2014 over Q3 December 2013.

Indoco Remedies is engaged in the manufacturing and marketing of formulations (finished dosage forms) and active pharmaceutical ingredients (APIs) in India. Indoco has a strong international presence in the Regulated and Emerging markets.

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