Suven Life jumps after securing product patent in New Zealand

Suven Life Sciences surged 5.28% to Rs 190.55 at 11:55 IST on BSE after the company said it has secured one product patent in New Zealand.

The announcement was made during market hours today, 10 October 2017.

Meanwhile, the S&P BSE Sensex was up 98.03 points or 0.31% at 31,944.92. The S&P BSE Small-Cap index advanced 151.36 points or 0.9% at 16,884.39.

On the BSE, 2.56 lakh shares were traded on the counter so far as against the average daily volumes of 46,551 shares in the past one quarter. The stock had hit a high of Rs 198.80 and a low of Rs 179.85 so far during the day. The stock had hit a 52-week high of Rs 213.10 on 6 October 2016 and a 52-week low of Rs 151.10 on 9 November 2016.

The stock had outperformed the market over the past one month till 9 October 2017, advancing 14.48% compared with the Sensex's 0.5% rise. The stock had also outperformed the market over the past one quarter, gaining 4.53% as against the Sensex's 1.55% rise. The scrip had, however, underperformed the market over the past one year, sliding 10.24% as against the Sensex's 13.49% rise.

The small-cap company has equity capital of Rs 12.73 crore. Face value per share is Rs 1.

Suven Life Sciences said it has secured one product patent from New Zealand corresponding to the new chemical entities (NCEs) for the treatment of disorders associated with neurodegenerative diseases and these patents are valid through 2034.

Net profit of Suven Life Sciences fell 9.2% to Rs 29.57 crore on 3.2% rise in net sales to Rs 137.45 crore in Q1 June 2017 over Q1 June 2016.

Suven Life Sciences is a biopharmaceutical company focused on discovering, developing and commercializing novel pharmaceutical products, which are first in class or best in class CNS therapies using GPCR targets.

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