Pfizer jumps over 10% in two sessions

Pfizer rose 1.04% to Rs 1,150 at 14:42 IST on BSE, extending Monday's 9.36% spurt triggered by the company announcing an internal corporate restructuring plan.

The company made the announcement during trading hours on Monday, 24 February 2014. Shares of Pfizer spurted 9.36% to Rs 1,138.20 on that day. The stock has risen 10.50% in two sessions from Rs 1,040.75 on 21 February 2014.

Meanwhile, the BSE Sensex was up 60.30 points, or 0.29%, to 20871.74.

On BSE, so far 28,000 shares were traded in the counter, compared with an average volume of 17,922 shares in the past one quarter.

The stock hit a high of Rs 1,186.70 and a low of Rs 1,136.55 so far during the day. The stock hit a record high of Rs 1,779 on 2 December 2013. The stock hit a 52-week low of Rs 985 on 29 July 2013.

The stock had outperformed the market over the past one month till 24 February 2014, rising 4.10% compared with the Sensex's 1.52% fall. The scrip had, however, underperformed the market in past one quarter, falling 20.49% as against Sensex's 2.94% rise.

The mid-cap company has an equity capital of Rs 29.84 crore. Face value per share is Rs 10.

Under the plan, Pfizer East India B.V. Netherlands proposes to acquire 60.94% stake, which is collectively held by Pfizer Corporation (31.42% stake) and Pfizer Investments Netherlands B V (29.52% stake), Pfizer said in a BSE filing.

Both, the acquirer and the sellers are held and controlled by Pfizer Inc., USA.

Pfizer Investments Netherlands B V would sell 88.10 lakh shares at Rs 1,537 per share, while Pfizer Corporation will sell 93.76 lakh shares as a gift, for no consideration, it added.

The pharmaceutical firm said that the acquisition price would not be higher by more than 25% of the weighted average market price of Rs 1,340.72 per share. The acquisition date for proposed transaction will be on or before 28 February 2014.

Net profit of Pfizer declined 25.49% to Rs 47.60 crore on 7.80% rise in net sales to Rs 247.70 crore in Q3 December 2013 over Q3 December 2012.

Pfizer's pharmaceuticals product portfolio spans a wide range of therapeutic classes from vitamins supplements and nutritional to antibiotics and cardiovascular.

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