Panacea Biotec surges as board mulls fund raising

Panacea Biotec rose 4.73% to Rs 169.55 at 9:43 IST on BSE after the company said its board will meet on 1 August 2014, to consider raising of funds by way of issue of securities aggregating upto Rs 250 crore or equivalent thereof in any currency.

The announcement was made after market hours on Wednesday, 23 July 2014.

Meanwhile, the S&P BSE Sensex was down 60.30 points or 0.23% at 26,087.03.

On BSE, so far 2,935 shares were traded in the counter as against average daily volume of 3,882 shares in the past two weeks.

The stock hit a high of Rs 171 and a low of Rs 164 so far during the day.

Panacea Biotec reported a net profit of Rs 33.98 crore in Q4 March 2014 as against net loss of Rs 82.75 crore in Q4 March 2013. Net sales declined 15.3% to Rs 156.15 crore in Q4 March 2014 over Q4 March 2013.

Panacea Biotec is a research-based health management company. The product portfolio of the company includes products in important therapeutic areas such as organ transplantation, pain management, diabetes, renal-disease, cardio-vascular, gastro-intestinal care products and vaccines.

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