Wockhardt corrects on profit booking

Wockhardt fell 5.03% to Rs 712.50 at 14:00 IST on BSE on profit booking after the stock jumped 27.90% to Rs 750.25 on Friday, 25 July 2014, from a recent low of Rs 586.60 on 18 July 2014.

Meanwhile, the BSE Sensex was down 169.01 points, or 0.65%, to 25,957.74.

On BSE, so far 9.60 lakh shares were traded in the counter, compared with an average volume of 4.85 lakh shares in the past one quarter.

The stock hit a high of Rs 725.05 and a low of Rs 683.60 so far during the day. The stock hit a 52-week high of Rs 847.95 on 29 April 2014. The stock hit a 52-week low of Rs 336.60 on 16 December 2013.

The stock had outperformed the market over the past one month till 25 July 2014, rising 31.89% compared with 3.21% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 16.14% as against Sensex's 15.16% rise.

The mid-cap company has an equity capital of Rs 55 crore. Face value per share is Rs 5.

Shares of Wockhardt spurted 14.05% to Rs 750.25 in a single trading session on Friday, 25 July 2014.

Wockhardt is reportedly in talks with a couple of foreign generic drug makers including Mylan Inc. and Teva Pharmaceutical Industries, who had shown interest in buying the domestic business of Wockhardt.

On a consolidated basis, Wockhardt's consolidated net profit fell 77.8% to Rs 74.45 crore on 30% decline in total income to Rs 1047.67 crore in Q4 March 2014 over Q4 March 2013.

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.

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