Weakness prevails in Wockhardt counter

Meanwhile, the S&P BSE Sensex was down 49.09 points, or 0.24%, to 20,111.73.

On BSE, 3.11 lakh shares were traded in the counter as against an average daily volume of 91,061 shares in the past one quarter.

The stock hit a high of Rs 1,262.55 and a low of Rs 1,121.80 so far during the day. The stock had hit a record high of Rs 2,166.05 on 12 March 2013. The stock had hit a 52-week low of Rs 771.55 on 28 May 2012.

The stock had underperformed the market over the past one month till 28 May 2013, falling 32.93% compared with the Sensex's 4.53% rise. The scrip had also underperformed the market in past one quarter, sliding 35.62% as against Sensex's 6.89% rise.

The large-cap company has an equity capital of Rs 54.79 crore. Face value per share is Rs 5.

Wockhardt announced during trading hours on Friday, 24 May 2013, that it received an import alert from US Food and Drug Administration (USFDA) on one of the company's manufacturing unit located in Waluj near Aurangabad. The impact of the import alert on the revenues is estimated to be in the range of $100 million on an annualised basis. The company said it is taking all steps to address the concerns raised by USFDA and will put all efforts to resolve the issue at the earliest.

According to media reports, the import alert was issued on Wednesday, 22 May 2013. Shares of Wockhardt slumped 20% to Rs 1,315.25 on Thursday, 23 May 2013.

The stock is down 31.77% in five consecutive sessions from Rs 1,644.05 on Wednesday, 22 May 2013.

Shares of Wockhardt had risen 3.89% to settle at Rs 1277.50 on Monday, 27 May 2013, after the company during trading hours on that day reported turnaround Q4 March 2013 results.

Wockhardt reported consolidated net profit of Rs 334.76 crore in Q4 March 2013, as against net loss of Rs 191.64 crore in Q4 March 2012. Net sales rose 26.4% to Rs 1485.50 crore in Q4 March 2013 over Q4 March 2012. Wockhardt reported an exceptional item loss of Rs 10.72 crore in Q4 March 2013, as against loss of Rs 396 crore in Q4 March 2012.

Wockhardt's consolidated net profit galloped 365.2% to Rs 1594.12 crore on 28.9% growth in net sales to Rs 5609.42 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012). There was an exceptional item gain of Rs 61.52 crore in FY 2013, as against loss of Rs 473.77 crore in FY 2012.

Wockhardt is a high-technology intensive global pharmaceutical and biotechnology company with multi-disciplinary and innovative R&D programmes. It has three research centres globally and manufacturing facilities across India, USA, UK and Ireland. The company has a significant presence in USA, Europe and India, with 80% of its global revenues coming from international businesses.

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