Omkar Speciality Chemicals gains after winning patent

Omkar Speciality Chemicals rose 2.25% to Rs 168 at 11:18 IST on BSE after the company said it obtained a patent related to the process for preparation of higher derivatives of β -KETOESTER.

The announcement was made at the fag end of the trading session yesterday, 13 December 2016.

Meanwhile, the BSE Sensex was down 38.28 points, or 0.14%, to 26,659.54.

On the BSE, so far 1.16 lakh shares were traded in the counter, compared with average daily volumes of 49,749 shares in the past one quarter. The stock had hit a high of Rs 173.20 and a low of Rs 167.20 so far during the day.

The stock hit a record high of Rs 249.10 on 13 January 2016. The stock hit a 52-week low of Rs 130.05 on 9 November 2016. The stock had outperformed the market over the past 30 days till 13 December 2016, rising 10.05% compared with the 0.45% decline in the Sensex. The scrip had also outperformed the market in past one quarter, falling 0.67% as against Sensex's 5.90% decline.

The small-cap company has equity capital of Rs 20.58 crore. Face value per share is Rs 10.

Omkar Speciality Chemicals said it has obtained a patent related to the process for preparation of higher derivatives of ? -KETOESTER granted by the Government of India. With this, the total number of patents till date granted to the company stands at 4.

? -KETOESTERS are one of the basic building blocks from which advance molecules can be synthesized. It is used in various therapies such as cardiovascular diseases, treatment of dyslipidemia (cholesterol), various application in anti-microbial/anti-fungal activity and in synthesis of certain photographic chemicals.

Meanwhile, the company said it has applied for more process patents some of which are expected in over the next 12-18 months. The product range covered under the above patents are iodo-alkalibenzoic acids, hydroxy diiodobenzoic acids, benzeneseleninic anhydride, alkali metal lodides, terminal dihaloalkanes, benzisothiazols, halquinol product, coumarin product, bromo amino derivatives of phenylene and iodine derivatives of alkanes.

On a consolidated basis, net profit of Omkar Speciality Chemicals rose 28.30% to Rs 11.56 crore on 27.80% rise in net sales to Rs 129.40 crore in Q2 September 2016 over Q2 September 2015.

Omkar Speciality Chemicals is amongst the leading manufacturers of specialty chemicals and intermediates for chemical and allied industries.

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