Wockhardt gains ahead of board meeting

Wockhardt rose 1.21% to Rs 863 at 10:19 IST on BSE ahead of the company's board meeting today, 15 September 2014, to consider amalgamation of two wholly-owned subsidiaries with the company.

Meanwhile, the BSE Sensex was down 205.26 points, or 0.76%, to 26,855.78.

On BSE, so far 18.72 lakh shares were traded in the counter, compared with an average volume of 5.09 lakh shares in the past one quarter.

The stock hit a high of Rs 872.20 and a low of Rs 846.95 so far during the day. The stock hit a 52-week high of Rs 874.20 on 10 September 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 12 September 2014, rising 25.64% compared with 4.56% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 41.47% as against Sensex's 5.81% rise.

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

Wockhardt's board will meet today, 15 September 2014, to consider amalgamation of two wholly-owned subsidiaries -- Wockhardt Biopharm and Vinton Healthcare -- with Wockhardt.

On a consolidated basis, Wockhardt's net profit slumped 93.8% to Rs 19.95 crore on 27% decline in net sales to Rs 991.19 crore in Q1 June 2014 over Q1 June 2013.

Wockhardt is a global pharmaceutical and biotechnology organisation, providing affordable, highly quality medicines for a healthier world. It is India's leading research-based global healthcare enterprise with relevance in the fields of Pharmaceuticals, Biotechnology and a chain of advanced Super Speciality Hospitals. Wockhardt has 3 research centres and 12 manufacturing plants, with businesses ranging from the manufacture and marketing of Pharmaceutical and Bio-pharmaceutical formulations, Active Pharmaceutical Ingredients (APls) and Vaccine.

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