Torrent Pharma jumps 17% in 2 days after turnaround Q4 results, liberal bonus

Torrent Pharmaceuticals jumped 6.62% to Rs 838.85 at 11:34 IST on BSE, with the stock extending Friday's 9.72% rally triggered by the company reporting turnaround Q4 results and its board recommending issue of bonus shares in the ratio of 1:1.

The Q4 result was announced after market hours on Thursday, 30 May 2013.

Meanwhile, the S&P BSE Sensex was down 116.27 points or 0.59% at 19,644.03.

On BSE, 1 lakh shares were traded in the counter as against average daily volume of 6,596 shares in the past one quarter.

The stock hit a high of Rs 871.80 so far during the day, which is a record high for the counter. The stock hit a low of Rs 787 so far during the day. The stock had hit a 52-week low of Rs 580.80 on 27 June 2012.

The stock had outperformed the market over the past one month till 31 May 2013, surging 13.9% compared with the Sensex's 1.31% rise. The scrip had also outperformed the market in past one quarter, jumping 16.95% as against Sensex's 4.77% gain.

The mid-cap company has equity capital of Rs 42.31 crore. Face value per share is Rs 5.

Shares of Torrent Pharmaceuticals have rallied 16.99% in two trading sessions from a recent low of Rs 717 on 30 May 2013, after the company after market hours on 30 May 2013, reported turnaround Q4 results. The stock had rallied 9.72% to settle at Rs 786.75 on Friday, 31 May 2013.

Torrent Pharmaceuticals reported consolidated net profit of Rs 111 crore in Q4 March 2013, as against net loss of Rs 2 crore in Q4 March 2012. Net sales rose 22.8% to Rs 803 crore in Q4 March 2013 over Q4 March 2012.

Torrent Pharmaceuticals' board of directors at a meeting held on Thursday, 30 May 2013, recommended issue of bonus shares in the ratio of 1:1. The board also recommended a dividend of Rs 7 per share for FY 2013 in addition to a special dividend of Rs 10 per share commemorating four decades of the company's business operations.

Torrent Pharmaceuticals is the flagship company of the Torrent Group. The pharmaceutical firm has focus on the therapeutics areas of diabetology, cardiovascular, central nervous system, gastro-intestinal, anti-infective, pain management and gynecology.

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