SPARC gains ahead of board meet for proposed rights issue

Sun Pharma Advanced Research Company rose 4.41% to Rs 292.50 at 11:25 IST on BSE after the company announced that a meeting of the board of directors will be held on 5 March 2016, to fix details of the proposed rights issue.

The announcement was made after market hours yesterday, 2 March 2016.

Meanwhile, the BSE Sensex was up 239.62 points, or 0.99%, to 24,482.60.

On BSE, so far 1.17 lakh shares were traded in the counter, compared with an average volume of 1.17 lakh shares in the past one quarter. The stock hit a high of Rs 300.90 and a low of Rs 283.70 so far during the day. The stock hit a record high of Rs 598 on 10 March 2015. The stock hit a 52-week low of Rs 245.10 on 25 February 2016. The stock had underperformed the market over the past one month till 2 March 2016, declining 5.37% compared with 1.21% decline in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 20.09% as against Sensex's 7.18% fall.

The mid-cap company has an equity capital of Rs 23.67 crore. Face value per share is Re 1.

Sun Pharma Advanced Research Company (SPARC) announced that a meeting of the board of directors of the company will be held on 5 March 2016, to fix the issue price, issue size, entitlement ratio, fractional entitlement and record date for the proposed rights issue. SPARC's board of directors at a meeting held on 12 May 2015, had approved rights issue, so that the funds raised by way of right issue of shares is not more than Rs 250 crore.

SPARC reported net loss of Rs 41.02 crore in Q3 December 2015 as against net loss of Rs 18.91 crore in Q3 December 2014. Net sales rose 7.3% to Rs 33.55 crore in Q3 December 2015 over Q3 December 2014.

SPARC is an international pharmaceutical company engaged in research and development of drugs and delivery systems.

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