Shasun Pharma gains after board OKs selling Vizag unit

Shasun Pharmaceuticals rose 1.28% to Rs 79 at 15:06 IST on BSE after the company said its board has approved selling the unit situated at JN Pharma City in Vizag.

The announcement was made during trading hours today, 12 December 2013.

Meanwhile, the BSE Sensex was down 245.37 points, or 1.16%, to 20,926.04.

On BSE, so far 2.95 lakh shares were traded in the counter, compared with an average volume of 1.26 lakh shares in the past one quarter.

The stock hit a high of Rs 82.35 and a low of Rs 76.65 so far during the day. The stock hit a 52-week high of Rs 172 on 13 December 2012. The stock hit a 52-week low of Rs 45.60 on 26 June 2013.

The stock had underperformed the market over the past one month till 11 December 2013, falling 0.51% compared with the Sensex's 3.32% rise. The scrip had also underperformed the market in past one quarter, rising 2.63% as against Sensex's 5.87% rise.

The small-cap company has an equity capital of Rs 11.32 crore. Face value per share is Rs 2.

The board of Shasun Pharmaceuticals at its meeting held today, 12 December 2013, decided to sell/transfer the company's unit situated at JN Pharma City, Vizag to a joint venture or any other person in any manner as the board may consider appropriate subject to the approval of the shareholders.

The board has decided to obtain shareholders approval through postal ballot process, the company said in a statement.

On a consolidated basis, Shasun Pharmaceuticals' net profit fell 24.8% to Rs 13.34 crore on 10.3% increase in net sales to Rs 285.01 crore in Q2 September 2013 over Q2 September 2012.

Shasun is an integrated, leading global supplier of development and manufacturing services for intermediates, API and formulations to the pharmaceutical industry.

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