Shasun Pharma gallops 34.2% in 2 days

Shasun Pharmaceuticals surged 11.87% to Rs 117.80 at 9:25 IST on BSE, with the stock extending Monday's rally triggered by the announcement that its board will consider issuing convertible warrants/equity shares on preferential basis to promoters.

Meanwhile, the BSE Sensex was up 18.45 points or 0.08% at 22,783.28.

On BSE, so far 5.35 lakh shares were traded in the counter as against average daily volume of 3.42 lakh shares in the past two weeks.

The stock hit a high of Rs 120.50 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 110.40 so far during the day.

Shares of Shasun Pharmaceuticals (Shasun) have rallied 34.24% in two trading sessions from Rs 87.75 on Thursday, 17 April 2014 after the company after market hours on Thursday, 17 April 2014 said its board of directors will meet on Wednesday, 23 April 2014, to consider issue of convertible warrants/equity shares on preferential basis to promoters and others subject to the approval of the shareholders. The stock surged by the maximum permissible level of 20% to settle at Rs 105.30 on Monday, 21 April 2014. The stock market was closed on Friday, 18 April 2014, on account of Good Friday.

On a consolidated basis, Shasun Pharmaceuticals' net profit rose 58.8% to Rs 13.04 crore on 20.3% increase in net sales to Rs 309.38 crore in Q3 December 2013 over Q3 December 2012.

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

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