Tyche Industries spurts about 44% in two sessions

Tyche Industries hit an upper circuit limit of 20% at Rs 58.90 at 9:44 IST on BSE, extending yesterday's gains triggered by the company's Andhra Pradesh-based manufacturing facility receiving approval from US drug regulator.

The announcement was made after market hours on Wednesday, 11 May 2016. Shares of Tyche Industries hit an upper circuit limit of 20% at end at Rs 49.10 yesterday, 12 May 2016. The stock has risen 43.83% in two consecutive trading sessions from its close of Rs 40.95 on 11 May 2016.

Meanwhile, the BSE Sensex was down 239.60 points, or 0.93%, to 25,550.62.

On BSE, so far 31,000 shares were traded in the counter, compared with an average volume of 11,085 shares in the past one quarter. The stock opened with an upward gap of 20% at Rs 58.90 and remained stuck at that level so far. The stock hit a 52-week high of Rs 72.25 on 3 November 2015. The stock hit a 52-week low of Rs 20.30 on 27 May 2015. The stock had outperformed the market over the past one month till 12 May 2016, rising 13.39% compared with 2.56% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 31.64% as against Sensex's 12.20% rise.

The small-cap company has an equity capital of Rs 10.25 crore. Face value per share is Rs 10.

Tyche Industries said it has received approval from United States Food & Drug Administration (USFDA) for its Active Pharmaceutical Ingredients (API) manufacturing facility located at Sarpavaram, Kakinada, Andhra Pradesh.

The company's board will meet on 30 May 2016, to consider audited financial results for the year ended 31 March 2016.

Net profit of Tyche Industries rose 35.29% to Rs 0.23 crore on 5.44% rise in net sales to Rs 12.59 crore in Q3 December 2015 over Q3 December 2014.

Tyche Industries is a manufacturer of active pharmaceutical ingredients and intermediates.

Powered by Capital Market - Live News