Shilpa Medicare gains on overseas expansion

Shilpa Medicare gained 4.8% to Rs 443 at 09:27 IST on BSE after the company's board of directors decided to promote business operations in US and North American Countries.

The announcement was made after market hours on Tuesday, 14 August 2018. The stock markets remained closed yesterday, 15 August 2018, on account of Independence Day.

Meanwhile, the S&P BSE Sensex was down 144.27 points, or 0.38% to 37,707.73

On the BSE, 871 shares were traded in the counter so far compared with average daily volumes of 7,962 shares in the past two weeks. The stock had hit a high of Rs 444.80 and a low of Rs 434.50 so far during the day. The stock hit a 52-week high of Rs 704 on 13 October 2017. The stock hit a 52-week low of Rs 357.95 on 23 July 2018.

Shilpa Medicare said that the company's board of directors has decided to promote 100% wholly owned subsidiary company (since incorporated) for the business operations in US and North American Countries. The subsidiary company name is Shilpa Pharma Inc, USA and will operate in pharmaceutical sector.

On a consolidated basis, net profit of Shilpa Medicare rose 51.74% to Rs 33.64 crore on 19.47% rise in net sales to Rs 198.17 crore in Q1 June 2018 over Q1 June 2017.

Shilpa Medicare is engaged in the business of manufacturing of bulk drugs or active pharmaceutical ingredient (API) and intermediates.

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