SeQuent Scientific gains on acquisition of Topkim

SeQuent Scientific rose 3.42% to Rs 937.50 at 11:17 IST on BSE after the company announced that its subsidiary will acquire Turkish firm Topkim.

The announcement was made before market hours today, 23 November 2015.

Meanwhile, the S&P BSE Sensex was up 23.81 points or 0.09% at 25,892.30.

On BSE, so far 18,000 shares were traded in the counter as against average daily volume of 20,901 shares in the past one quarter.

The stock hit a high of Rs 946.75 and a low of Rs 930 so far during the day. The stock had hit a record high of Rs 1,120 on 22 September 2015. The stock had hit a 52-week low of Rs 391.15 on 24 November 2014.

The stock had outperformed the market over the past one month till 20 November 2015, sliding 4.02% compared with Sensex's 5.27% fall. The scrip had also outperformed the market in past one quarter, jumping 16.97% as against Sensex's 6.3% fall.

The mid-cap company has equity capital of Rs 44.82 crore. Face value per share is Rs 10.

SeQuent Scientific said that announced that its subsidiaryAlivira Animal Health (Alivira) will acquire Topkim of Turkey. The acquistion will be made through Provet Veterinary Products, Turkey, a subsidiary of Alivira. The transaction has been valued at an enterprise valuation of Turkish Lira (TL) 20.7 million (about $7 million).

Topkim, one of the oldest and reputable manufacturer of Turkey, has close to 50 years of business presence with over 67 registered products mainly comprising of Ectoparasiticides, Endectocides, and injectable antibiotics. The company registered sales of TL 21.8 million with EBITDA of TL 2.6 million in FY 2014.

On consolidated basis, SeQuent Scientific's net profit declined 93.1% to Rs 2.32 crore on 49.2% growth in net sales to Rs 157.44 crore in Q2 September 2015 over Q2 September 2014.

SeQuent Scientific is an integrated pharmaceutical company with a global footprint. The company operates in the domains of animal health (API and formulation), human health (API) and analytical services.

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