Wockhardt extends Thursday's rally

Wockhardt rose 3.54% to Rs 432 at 9:24 IST on BSE, with the stock extending Thursday's 9.6% rally triggered by the company's announcement of listing its Swiss arm on the Berne Stock Exchange in Switzerland on Thursday, 19 December 2013.

Meanwhile, the S&P BSE Sensex was up 47.43 points or 0.23% at 20,756.05.

On BSE, so far 1.65 lakh shares were traded in the counter as against average daily volume of 6.81 lakh shares in the past two weeks.

The stock hit a high of Rs 433.80 and a low of Rs 421 so far during the day.

Shares of Wockhardt have rallied 13.47% in two trading sessions from Rs 380.70 on 18 December 2013 after the company before market hours on Thursday, 19 December 2013 said that its Swiss arm will list on the Berne Stock Exchange in Switzerland on Thursday, 19 December 2013. The stock had rallied 9.6% to settle at Rs 417.25 on Thursday, 19 December 2013.

Wockhardt's Swiss arm, Wockhardt Bio AG, had offered 23.48 lakh ordinary shares of Swiss Franc (CHF) 1 each, representing 5% of the post diluted capital, for subscription at a price of CHF 5.05 per ordinary share in its initial public offering (IPO).

The ordinary shares of Wockhardt Bio AG are scheduled to be listed on 19 December 2013 on the Berne Stock Exchange in Switzerland.

Wockhardt Bio AG is the holding company for the pharmaceutical and biotech firm's international operations. Close to 75% of Wockhardt's business comes from outside India and some of the major geographies where it is present include the US, the UK, Ireland and France.

On a consolidated basis, Wockhardt's net profit fell 69.5% to Rs 138.50 crore on 11.2% decline in net sales to Rs 1196.97 crore in Q2 September 2013 over Q2 September 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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