Strides Arcolab slumps ex-dividend

Strides Arcolab slumped 57.79% to Rs 372.65 at 9:27 IST on BSE on turning ex-dividend today, 19 December 2013, for special dividend of Rs 500 per share.

Meanwhile, the BSE Sensex was down 47.07 points, or 0.23%, to 20,812.79.

On BSE, so far 1.31 lakh shares were traded in the counter, compared with an average volume of 72,241 shares in the past one quarter.

The stock hit a low of Rs 354.85 so far during the day, which is also a 52-week low for the counter. The stock hit a high of Rs 384.70 so far during the day. The stock hit a 52-week high of Rs 1,200 on 21 December 2012.

The stock had underperformed the market over the past one month till 18 December 2013, sliding 5.63% compared with the Sensex's 0.04% rise. The scrip had also underperformed the market in past one quarter, rising 0.48% as against Sensex's 4.50% rise.

The mid-cap company has an equity capital of Rs 59.29 crore. Face value per share is Rs 10.

The company announced the large special dividend after concluding the sale of its Agila Specialties Division to Mylan Inc. early this month.

Before turning ex-dividend, the stock offered a highly attractive dividend yield of 56.63% based on the closing price of Rs 882.90 on Wednesday, 18 December 2013.

Strides Arcolab's net profit declined 92.6% to Rs 2.22 crore on 10.8% growth in net sales to Rs 199.18 crore in the quarter ended September 2013 over the quarter ended September 2012.

The company's board recently approved changing financial year of the company from January-December to April-March effective from 1 April 2014. Hence, the current financial year will be for a period of 15 months from January 2013 to March 2014.

Strides Arcolab is a global pharmaceutical company headquartered in Bangalore. The company develops and manufactures a wide range of IP-led niche pharmaceutical products. The company has 5 manufacturing facilities, presence in more than 75 countries in developed and emerging markets.

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