SPARC jumps on rights issue plan

Sun Pharma Advanced Research Company rose 2.71% to Rs 386.25 at 9:54 IST on BSE after the company said its board will meet on 12 May 2015 to consider rights issue of equity shares.

The announcement was made after market hours yesterday, 7 May 2015.

Meanwhile, the BSE Sensex was up 317.46 points, or 1.19%, to 26,916.57.

On BSE, so far 79,000 shares were traded in the counter, compared with an average volume of 7.54 lakh shares in the past one quarter.

The stock hit a high of Rs 392.05 and a low of Rs 384.70 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 151 on 19 May 2014.

The stock had underperformed the market over the past one month till 7 May 2015, falling 27.35% compared with 6.72% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 13.56% as against Sensex's 7.38% 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 12 May 2015, to consider issuing equity shares of Re 1 each of the company by way of rights issue for raising the funds for the company.

Further, as per the agenda of the board meeting, at present the board shall not decide at the said meeting about the ratio of rights share entitlements, the issue price and the record date for fixing the rights entitlement of shareholders and which shall be decided in due course and accordingly the exchanges shall be informed in due course, the company added.

SPARC reported net loss of Rs 9.40 crore in Q4 March 2015 as against net loss of Rs 2.51 crore in Q4 March 2014. Net sales rose 0.31% to Rs 42.70 crore in Q4 March 2015 over Q4 March 2014.

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

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