Pfizer slips after listing of fresh shares

Pfizer fell 0.67% to Rs 2,245.60 at 9:30 IST on BSE as the shares allotted by the company pursuant to the merger of Wyeth with Pfizer were admitted for trading on the bourses today, 12 January 2015.

Meanwhile, the BSE Sensex was down 59.97 points, or 0.22%, to 27,398.41.

On BSE, so far 377 shares were traded in the counter, compared with an average volume of 6,357 shares in the past one quarter.

The stock hit a high of Rs 2,252.30 and a low of Rs 2,230.95 so far during the day. The stock hit a record high of Rs 2,325 on 5 January 2015. The stock hit a 52-week low of Rs 1,020 on 3 February 2014.

The stock had outperformed the market over the past one month till 9 January 2015, rising 15.28% compared with 1.22% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 37.75% as against Sensex's 3.08% rise.

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

A total of 1.59 crore shares of the company that were allotted to the shareholders of Wyeth were admitted for trading on the bourses.

The boards of Pfizer and Wyeth approved the merger between the two pharmaceutical companies on 23 November 2013. As per the merger scheme, shareholders of Wyeth received seven Pfizer shares for every 10 shares held. The appointed date of the merger scheme was 1 April 2013. The merged entity created a single brand of Pfizer.

In the international market, Pfizer acquired Wyeth in 2009. The global merger of these companies was completed by the end of the same year except certain countries, including India. The valuation of equity swap and regulatory hurdles for the merger of two listed entities were the main reason for the delayed decision for the consolidation of these companies in India.

Pfizer reported net loss of Rs 11.83 crore in Q2 September 2014 as against net profit of Rs 69.59 crore in Q2 September 2013. Total income from operations declined 0.83% to Rs 296.48 crore in Q2 September 2014 over Q2 September 2013.

The company reported an exceptional expenditure of Rs 76.03 crore during Q2 September 2014 that include expenses in relation to Thane plant. The expenses include amount paid towards voluntary retirement scheme/other related costs.

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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