SMS Lifesciences corrects on profit booking

SMS Lifesciences India fell 2.02% to Rs 512.95 at 15:21 IST on BSE on profit booking after a recent rally.

Meanwhile, the S&P BSE Sensex was down 282.89 points, or 0.89% to 31,639.55.

On the BSE, 6,527 shares were traded in the counter so far, compared with average daily volumes of 7,505 shares in the past two weeks. The stock had hit a high of Rs 549.65 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 512.10 so far during the day. The stock hit a record low of Rs 134.85 on 17 August 2017.

Shares of SMS Lifesciences India rose 288.21% in 26 trading sessions to settle at Rs 523.50 on Friday, 22 September 2017, from its close of Rs 134.85 on 17 August 2017.

Shares of SMS Lifesciences India hit upper circuit limit in each of the 26 trading sessions since it debuted on stock markets on 17 August 2017. Parent SMS Pharma carved out the life-sciences business into a separate entity in order to reduce the impact of semi-regulated units on regulated units, achieving operational efficiencies and streamlining its current structure.

SMS Lifesciences India had issued shares to all the shareholders of the SMS Pharmaceuticals as consideration for the transfer of the demerged undertaking, in proportion of 1 equity share of Rs 10 each of SMS Lifesciences India for every 28 equity shares of Re 1 each held by the shareholders in SMS Pharmaceuticals.

SMS Lifesciences India's net profit fell 77.8% to Rs 1.04 crore on 21.4% decline in net sales to Rs 45.83 crore in Q1 June 2017 over Q1 June 2016.

SMS Lifesciences India is presently engaged in the business of manufacturing, buying, selling, offering consultancy, importing and exporting, acting as commission agents and generally dealing with of all types of organic & inorganic chemicals, pharmaceuticals, active pharmaceutical ingredients (API) and intermediates.

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