Sharon Bio-Medicine spurts on business expansion plans

Sharon Bio-Medicine was locked at 20% upper circuit at Rs 11.62 at 11:22 IST on BSE after the company announced that its board has decided to introduce more profitable products and increase capacity utilization.

The announcement was made after market hours yesterday, 21 June 2016.

Meanwhile, the S&P BSE Sensex was up 1.92 points or 0.01% at 26,814.70.

On BSE, so far 2.49 lakh shares were traded in the counter as against average daily volume of 1.23 lakh shares in the past one quarter. The stock hit a low of Rs 9.98 so far during the day. The stock had hit a 52-week high of Rs 32.55 on 16 December 2015. The stock had hit a 52-week low of Rs 8.40 on 2 June 2016. The stock had underperformed the market over the past one month till 21 June 2016, sliding 13.64% compared with Sensex's 5.97% rise. The scrip had also underperformed the market in past one quarter, declining 17.88% as against Sensex's 6.04% rise.

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

Sharon Bio-Medicine's board of directors at its meeting held yesterday, 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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