Suven Life Sciences falls after weak Q1 result

Suven Life Sciences lost 3% to Rs 247.35 at 14:21 IST on BSE after net profit declined 41.8% to Rs 20.23 crore on 25.6% decline in total income to Rs 106.06 crore in Q1 June 2015 over Q1 June 2014.

The company announced the Q1 result after market hours on Friday, 14 August 2015.

Meanwhile, the BSE Sensex was down 209.33 points or 0.75% to 27,857.98

On BSE, so far 1.62 lakh shares were traded in the counter, compared with an average volume of 1.52 lakh shares in the past one quarter.

The stock hit a high of Rs 250 and a low of Rs 240 so far during the day. The stock hit a record high of Rs 338.50 on 15 April 2015. The stock hit a 52-week low of Rs 116 on 14 August 2014.

The stock had underperformed the market over the past one month till 14 August 2015, falling 2.07% compared with a 0.48% rise for the Sensex. The scrip also underperformed the market in past one quarter, sliding 15.49% as against Sensex's 3.17% rise.

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

Suven Life Sciences said that the company's major thrust on innovative research & development (R&D) in drug discovery continued with a spending of Rs 15.9 crore (15.03% on revenue) for Q1 June 2015.

Suven Life Sciences said that the board of directors of the company at its meeting held on Friday, 14 August 2015, has authorized to create an overseas subsidiary with an initial investment of $25 million for clinical development and commercialization of Suven pipeline and in-licensed molecules.

Suven Life Sciences us a biopharmaceutical company specializing in drug discovery and developmental activities in Central Nervous System disorders and Contract Research and Manufacturing Services (CRAMS).

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