SeQuent Scientific jumps after RBI hikes FII investment limit

SeQuent Scientific rose 5.76% to Rs 574 at 9:23 IST on BSE after the central bank allowed foreign investors to buy up to 32.46% stake in the company.

Meanwhile, the BSE Sensex was up 150.60 points, or 0.55%, to 27,356.66.

On BSE, so far 3,002 shares were traded in the counter, compared with an average volume of 37,204 shares in the past one quarter.

The stock hit a high of Rs 575 and a low of Rs 560 so far during the day. The stock hit a record high of Rs 683.50 on 15 April 2015. The stock hit a 52-week low of Rs 220 on 19 May 2014.

The stock had underperformed the market over the past one month till 14 May 2015, falling 16.92% compared with 6.33% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 14.53% as against Sensex's 6.49% fall.

The small-cap company has an equity capital of Rs 31.69 crore. Face value per share is Rs 10.

The Reserve Bank of India (RBI) yesterday, 14 May 2015, notified that foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can now invest up to 32.46% of the paid up capital of SeQuent Scientific under the Portfolio Investment Scheme (PIS).

As on 31 March 2015, foreign institutional investors held 6.60% stake in SeQuent Scientific.

On a consolidated basis, Sequent Scientific reported net loss of Rs 19.04 crore in Q4 March 2015 as against net loss of Rs 79.91 crore in Q4 March 2014. Net sales rose 22.21% to Rs 130.13 crore in Q4 March 2015 over Q4 March 2014.

Sequent Scientific is an India-based integrated pharmaceutical company.

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