Suven Life Sciences gains after fixing floor price for QIP

Suven Life Sciences rose 2.46% to Rs 208 at 11:38 IST on BSE after the company said it has set the floor price for the qualified institutional placement at Rs 201.38 per share.

Meanwhile, the S&P BSE Sensex was up 304.25 points or 1.07% at 28,743.16.

On BSE, so far 1.11 lakh shares were traded in the counter as against average daily volume of 3.35 lakh shares in the past one quarter.

The stock hit a high of Rs 208.90 and a low of Rs 201.35 so far during the day. The stock had hit a record high of Rs 236.50 on 3 November 2014. The stock had hit a 52-week low of Rs 65.10 on 12 December 2013.

The stock had underperformed the market over the past one month till 27 November 2014, falling 2.66% compared with Sensex's 6.3% rise. The scrip had, however, outperformed the market in past one quarter, jumping 28.08% as against Sensex's 7.07% rise.

The mid-cap company has equity capital of Rs 11.68 crore. Face value per share is Rs 1.

The qualified institutional placement (QIP) of shares by Suven Life Sciences opened yesterday, 27 November 2014.

Suven Life Sciences' net profit fell 45.5% to Rs 24.84 crore on 7.6% decline in net sales to Rs 139.83 crore in Q2 September 2014 over Q2 September 2013.

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 through the use of GPCR targets.

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