Sharon Bio-Medicine gains nearly 2% in two sessions

Sharon Bio-Medicine rose 1.79% to Rs 42.70 at 11:28 IST on BSE, extending Wednesday's 0.12% rise triggered by the company completing expansion in its three manufacturing facilities.

The company made the announcement during trading hours today, 2 April 2014. On Wednesday, 2 April 2014, the stock ended higher by 0.12% at Rs 41.95 after rising as much as 3.34% in the intraday. The stock had risen 1.91% in two trading sessions from Rs 41.90 on Tuesday, 1 April 2014.

Meanwhile, the BSE Sensex was down 73.55 points, or 0.33%, to 22,477.94.

On BSE, so far 60,000 shares were traded in the counter, compared with an average volume of 2.30 lakh shares in the past one quarter.

The stock hit a high of Rs 43.15 and a low of Rs 42.35 so far during the day. The stock hit a 52-week high of Rs 57.95 on 21 February 2014. The stock hit a 52-week low of Rs 27.27 on 20 November 2013.

The stock had underperformed the market over the past one month till 2 April 2014, falling 12.79% compared with the Sensex's 6.78% rise. The scrip had, however, outperformed the market in past one quarter, rising 9.10% as against Sensex's 7.96% rise.

The small-cap company has an equity capital of Rs 21.11 crore. Face value per share is Rs 2.

Sharon Bio-Medicine said the total investment in expansion has been incurred to the tune nearly Rs 125 crore. In Dehradun formulation plant, the expanded expenditure has been approximately Rs 85 crore whereas capacity of the plant has been increased more than double. Similarly, other plants' capacity has been added between 30% to 50%. The commercial production in the company's two expanded plants at Taloja near Navi Mumbai have already been started and Dehradun formulation expanded facility will start production from June 2014, the company said.

On a consolidated basis, Sharon Bio-Medicine's net profit rose 21.3% to Rs 16.20 crore on 34.3% growth in net sales to Rs 340.04 crore in Q2 December 2013 over Q2 December 2012.

Sharon Bio-Medicine is involved in manufacture of intermediates, active pharmaceutical ingredients and finished dosage forms.

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