Shasun Pharma spurts after workers call off strike

The announcement was made during trading hours today, 28 June 2013.

Meanwhile, the S&P BSE Sensex was up 332.60 points, or 1.76%, to 19,208.55.

On BSE, 1.47 lakh shares were traded in the counter as against an average daily volume of 1.01 lakh shares in the past one quarter.

The stock hit a high of Rs 53.95 and a low of Rs 48.05 so far during the day. The stock had hit a 52-week low of Rs 45.60 on 26 June 2013. The stock had hit a record high of Rs 185.90 on 10 September 2012.

The stock had underperformed the market over the past one month till 27 June 2013, falling 35.64% compared with the Sensex's 5.77% fall. The scrip had also underperformed the market in past one quarter, sliding 23.92% as against Sensex's 0.92% rise.

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

Shasun Pharmaceuticals said it reached an amicable settlement with the workers at the plant. Accordingly, workers called of the strike and operations resumed at the facility from Thursday, 27 June 2013, night.

Workers at Pondicherry's active pharmaceutical ingredients (API) and formulations facility had resorted to illegal strike from Saturday, 15 June 2013. The stock slumped 26.40% in nine consecutive sessions to Rs 47.40 on Thursday, 27 June 2013, from Rs 64.40 on 14 June 2013.

Shasun Pharmaceuticals' consolidated net profit fell 77.5% to Rs 13.26 crore on 9.4% fall in net sales to Rs 261.45 crore in Q4 March 2013 over Q4 March 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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