Sterling Biotech tumbles as Q1 net loss widens

Sterling Biotech was locked at 5% lower circuit at Rs 13.77 at 14:00 IST on BSE after the company reported a net loss of Rs 103.32 crore in Q1 March 2014, higher than net loss of Rs 96.10 crore in Q1 March 2013.

The Q1 result was announced after market hours on Thursday, 15 May 2014.

Meanwhile, the S&P BSE Sensex was up 202.39 points or 0.85% at 24,107.99.

On BSE, so far 1.32 lakh shares were traded in the counter as against average daily volume of 2.60 lakh shares in the past one quarter.

The stock hit a high of Rs 14 so far during the day. The stock had hit a 52-week high of Rs 15.50 on Thursday, 15 May 2014. The stock had hit a 52-week low of Rs 4.26 on 7 August 2013.

The stock had outperformed the market over the past one month till 15 May 2014, jumping 55.81% compared with Sensex's 6.32% rise. The scrip had also outperformed the market in past one quarter, galloping 95.81% as against Sensex's 17.38% rise.

The small-cap company has equity capital of Rs 26.79 crore. Face value per share is Re 1.

Sterling Biotech's total income from operations declined 8.84% to Rs 188.83 crore in Q1 March 2014 over Q1 March 2013.

Sterling Biotech's core business is the manufacture of gelatin for pharmaceutical and edible uses.

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