Panacea Biotec gains after allotting preference shares to promotes

Panacea Biotec rose 0.26% to Rs 149.75 at 14:35 IST on BSE after the company said that it had allotted 1.63 crore, non-convertible cumulative redeemable preference shares on private placement basis to the promotes of the company.

The company made announcement during market hours today, 6 January 2015.

Meanwhile, the BSE Sensex was down 711.83 points, or 2.56%, to 27,130.49.

On BSE, so far 7,408 shares were traded in the counter, compared with an average volume of 11,640 shares in the past one quarter.

The stock hit a high of Rs 151.60 and a low of Rs 147.10 so far during the day. The stock hit a 52-week high of Rs 218.95 on 22 September 2014. The stock hit a 52-week low of Rs 88.60 on 30 January 2014.

The stock had underperformed the market over the past one month till 5 January 2015, falling 4.69% compared with 2.16% fall in the Sensex. The scrip had also underperformed the market in past one quarter, declining 12.28% as against Sensex's 4.8% rise.

The small-cap pharma company has an equity capital of Rs 6.12 crore. Face value per share is Re 1.

Panacea Biotec said that the company had allotted 1.63 crore, 0.5%, non-convertible cumulative redeemable preference shares (NCCRPS) of Rs 10 each at par aggregating to Rs 16.30 crore on private placement basis to the promotes of the company in pursuance of special resolution passed by the shareholders in their Extra-Ordinary General Meeting held on 6 January 2015 at the Registered Office of the company.

Panacea Biotec reported net loss of Rs 6.82 crore in Q2 September 2014 compared with net loss of Rs 56.27 crore in Q2 September 2013. The company's total income rose 48.7% to Rs 163.98 crore in Q2 September 2014 over Q2 September 2013.

Panacea Biotec is a health management company based on research & development, manufacturing and marketing of pharmaceuticals, biopharmaceuticals, vaccines and natural / indigenous products.

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