Lupin declines for second straight day after reporting weak Q2 results

Lupin dropped 2.82% to Rs 1,890.85 at 14:30 IST on BSE, with the stock extending yesterday's 5.25% losses triggered by the company reporting weak Q2 results.

The Q2 result was announced by the company during market hours yesterday, 27 October 2015. The stock had slumped 5.25% to Rs 1,945.65 after reporting Q2 results.

Meanwhile, the BSE Sensex was down 245.42 points, or 0.9% to 27,011.01.

On BSE, so far 1.38 lakh shares were traded in the counter, compared with an average volume of 1.23 lakh shares in the past one quarter.

The stock hit a high of Rs 1,947.40 and a low of Rs 1,890 so far during the day. The stock had hit a record high of Rs 2,127 on 6 October 2015. The stock had hit a 52-week low of Rs 1,322.65 on 28 October 2014.

The stock had underperformed the market over the past one month till 27 October 2015, falling 2.2% compared with 5.37% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, jumping 20.29% as against Sensex's 1.12% fall.

The large-cap company has an equity capital of Rs 90.05 crore. Face value per share is Rs 2.

Lupin's consolidated net profit dropped 35.1% to Rs 408.84 crore on 1.97% rise in net sales to Rs 3178.30 crore in Q2 September 2015 over Q2 September 2014.

Commenting on the results, Mr. Nilesh Gupta, Managing Director, Lupin, had said at the time of announcement of results that the slowdown in approvals in the US and a lack of material launches continued to dampen growth. The company continued to invest in research and remains upbeat on the pace of approvals and launches to pick up by Q4 March 2016.

Lupin is a pharmaceutical company producing and developing a wide range of branded and generic formulations as well as biotechnology products and APIs globally. The company is a significant player in the cardiovascular, diabetology, asthma, pediatric, CNS, GI, anti-Infective and NSAID space and holds global leadership positions in the Anti-TB and Cephalosporin segment.

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