Wockhardt drops after a whopping 52.6% rally in 4 days

Wockhardt lost 3.82% to Rs 648.10 at 14:39 IST on BSE, with the stock sliding on profit booking after a recent solid rally.

Meanwhile, the S&P BSE Sensex was down 289.52 points or 1.45% at 19,707.93.

On BSE, 3.22 lakh shares were traded in the counter as against average daily volume of 2.43 lakh shares in the past one quarter.

The stock hit a high of Rs 695.10 and a low of Rs 647.15 so far during the day. The stock had hit a 52-week low of Rs 344.15 on 8 August 2013. The stock had hit a record high of Rs 2,166.05 on 12 March 2013.

The stock had outperformed the market over the past one month till 11 September 2013, galloping 77.17% compared with the Sensex's 6.43% rise. The scrip had, however, underperformed the market in past one quarter, declining 37.7% as against Sensex's 4.46% rise.

The mid-cap company has equity capital of Rs 54.88 crore. Face value per share is Rs 5.

Shares of Wockhardt had rallied a whopping 52.67% in four trading sessions to settle at Rs 673.85 on Wednesday, 11 September 2013, from a recent low of Rs 441.35 on 4 September 2013.

Wockhardt's promoter group company, Khorakiwala Holdings & Investments, acquired 2.11 lakh equity shares representing 0.2% stake of the pharmaceutical company via market purchase in past trading sessions. Khorakiwala Holdings & Investments bought 50,000 shares each on 30 August, 2 September 2013 and 3 September 2013, while it purchased 61,094 shares on 4 September 2013, through open market purchase. Post acquisition, Khorakiwala Holdings & Investments' holding in Wockhardt has increased to 64.08% from 63.88% earlier.

As on 30 June 2013, Khorakiwala Holdings & Investments held 6.97 crore shares, or 63.62% stake in Wockhardt.

Meanwhile, the circuit filter on the stock has been revised to 20% from 5% with effect from 6 September 2013.

On a consolidated basis, Wockhardt's net profit fell 14.5% to Rs 323.31 crore on 1.3% growth in net sales to Rs 1358.37 crore in Q1 June 2013 over Q1 June 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.

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