Strides Arcolab jumps on board's nod for hike in FII investment ceiling

The announcement was made after market hours on Thursday, 4 July 2013.

Meanwhile, the S&P BSE Sensex was up 162.33 points or 0.84% at 19,573.17.

On BSE, 32,000 shares were traded in the counter as against average daily volume of 48,769 shares in the past one quarter.

The stock hit a high of Rs 927.85 and a low of Rs 896.95 so far during the day. The stock had hit a record high of Rs 1,224.90 on 5 December 2012. The stock had hit a 52-week low of Rs 675.25 on 27 July 2012.

The stock had outperformed the market over the past one month till 4 July 2013, rising 0.3% compared with the Sensex's 0.69% fall. The scrip had, however, underperformed the market in past one quarter, rising 2.62% as against Sensex's 4.87% rise.

The mid-cap company has equity capital of Rs 59.05 crore. Face value per share is Rs 10.

Strides Arcolab said that its board of directors approved the increase in the limit of investments by Foreign Institutional Investors (FIls) in the equity share capital of the company from 49% to 74%, subject to approval of the members, Reserve Bank of India and any other approvals as may be required.

Strides Arcolab reported net profit of Rs 31.57 crore in Q1 March 2013, as against net loss of Rs 28.16 crore in Q1 March 2012. Net sales rose 34% to 161.34 crore in Q1 March 2013 over Q1 March 2012.

Strides Arcolab is a global pharmaceutical company headquartered in Bangalore. The company develops and manufactures a wide range of IP-led niche pharmaceutical products with an emphasis on sterile injectables.

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