Shilpa Medicare gains on bargain hunting

Shilpa Medicare rose 1.31% to Rs 681.90 at 14:53 IST on BSE on bargain hunting after a recent slide.

Meanwhile, the BSE Sensex was up 1.69 points, or 0.01%, to 26,215.13.

On the BSE, so far 23,000 shares were traded in the counter, compared with average daily volumes of 17,905 shares in the past one quarter. The stock had hit a high of Rs 698.15 and a low of Rs 673 so far during the day.

The stock hit a record high of Rs 786.75 on 21 December 2016. The stock hit a 52-week low of Rs 355 on 20 January 2016. The stock had outperformed the market over the past 30 days till 27 December 2016, rising 0.43% compared with the 0.52% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 20.96% as against Sensex's 7.35% decline.

The mid-cap company has equity capital of Rs 8.01 crore. Face value per share is Re 1.

Shares of Shilpa Medicare fell 10.86% in two trading sessions to settle at Rs 673.10 yesterday, 27 December 2016, from its close of Rs 755.10 on 23 December 2016.

Shilpa Medicare announced after market hours on Monday, 26 December 2016, that its board allotted 30.25 lakh equity share at Rs 570 each to TA FII Investors, Mauritius. The allotment was approved by the shareholders at an EGM held on Monday, 26 December 2016. Shareholders also approved increasing foreign investment in the company to 40% from 30%.

Shares of Shilpa Medicare fell 2.79% to settle at 673.10 yesterday, 27 December 2016.

On a consolidated basis, Shilpa Medicare's net profit rose 63.91% to Rs 38.24 crore on 21.12% growth in net sales to Rs 209.67 crore in Q2 September 2016 over Q2 September 2015.

Shilpa Medicare is engaged in the business of bulk drugs manufacturing.

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