Lupin gains in volatile trade

Lupin rose 1.02% to Rs 909.50 at 11:26 IST on BSE, after the company said it has applied to the Reserve Bank of India for raising the shareholding limit of foreign institutional investors in the company.

Lupin made the announcement before market hours today, 17 October 2013.

Meanwhile, the S&P BSE Sensex was up 8.22 points or 0.04% at 20,560.91

On BSE, 85,169 shares were traded in the counter as against average daily volume of 1.28 lakh shares in the past one quarter.

The stock saw high intraday volatility. It rose as much as 1.6% at the day's high of Rs 915. It fell as much as 0.72% at the day's low of Rs 894.15. The stock had hit a record high of Rs 946.35 on 11 October 2013. The stock had hit a 52-week low of Rs 552.10 on 16 October 2012.

The stock had outperformed the market over the past one month till 15 October 2013, rising 4.55% compared with the Sensex's 4.13% rise. The scrip had also outperformed the market in past one quarter, gaining 2.91% as against Sensex's 2.56% rise.

The large-cap company has equity capital of Rs 89.60 crore. Face value per share is Rs 2.

Lupin said before market hours today, 17 October 2013 that the company has applied to the Reserve Bank of India (RBI) for its consent in the proposal of raising the shareholding limit of foreign institutional investors (FIIs) from 33% to 49% in the company's paid up capital. The company said that the RBI is examining the request. FII holding in Lupin stood at 31.46% (as on 30 September 2013).

Lupin unveils Q2 results on 30 October 2013. The company's consolidated net profit surged 43% to Rs 401.06 crore on 9.1% growth in net sales to Rs 2420.66 crore in Q1 June 2013 over Q1 June 2012.

Lupin is a pharmaceutical company producing and developing a wide range of branded and generic formulations and active pharmaceutical ingredients.

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