Sharon Bio-Medicine declines on profit taking

Sharon Bio-Medicine lost 5.59% to Rs 12 at 14:39 IST on BSE, with the stock sliding on profit booking after recent rally triggered by the company's announcement with regard to its business expansion plans.

Meanwhile, the S&P BSE Sensex was down 664.53 points or 2.46% at 26,337.69.

On BSE, so far 2.78 lakh shares were traded in the counter as against average daily volume of 1.47 lakh shares in the past one quarter. The stock hit a high of Rs 12.80 and a low of Rs 11.05 so far during the day. The stock had hit a 52-week low of Rs 8.40 on 2 June 2016. The stock had hit a 52-week high of Rs 32.55 on 16 December 2015. The stock had outperformed the market over the past one month till 23 June 2016, advancing 13.99% compared with Sensex's 7.02% rise. The scrip had also outperformed the market in past one quarter, gaining 8.17% as against Sensex's 6.57% rise.

The small-cap company has equity capital of Rs 23.79 crore. Face value per share is Rs 2.

Shares of Sharon Bio-Medicine had rallied 31.16% in two trading sessions to settle at Rs 12.71 yesterday, 23 June 2016, from its close of Rs 9.69 on 21 June 2016, after the company after market hours on 21 June 2016, announced that its board has decided to introduce more profitable products and increase capacity utilization. Sharon Bio-Medicine's board of directors at its meeting held on 21 June 2016, discussed the current financial position of the company and decided to introduce more profitable products, increase capacity utilization and get the business to move in the regulated markets specifically the United States of America.

On consolidated basis, Sharon Bio-Medicine reported net loss of Rs 153.73 crore in Q3 March 2016, higher than net loss of Rs 56.43 crore in Q3 March 2015. Net sales declined 72.6% to Rs 35.77 crore in Q3 March 2016 over Q3 March 2015.

Sharon Bio-Medicine is engaged in manufacture of intermediates, active pharmaceutical ingredients (API) and finished dosage forms

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