Wockhardt recovers after recent slide

Wockhardt rose 1.45% to Rs 430 at 12:12 IST on BSE, with the stock recovering on bargain hunting after recent slide triggered by firm receiving a warning letter from USFDA for its two manufacturing units in Aurangabad.

Meanwhile, the S&P BSE Sensex was up 253.87 points or 1.24% at 20,788.78.

On BSE, 1.81 lakh shares were traded in the counter as against average daily volume of 5.98 lakh shares in the past two weeks.

The stock hit a high of Rs 432.85 and a low of Rs 423.70 so far during the day.

Shares of Wockhardt had fallen 10.2% in two trading sessions to settle at Rs 423.85 on Thursday, 28 November 2013 from a recent high of Rs 472 on 26 November 2013 after the company during trading hours on Wednesday, 27 November 2013 said it has received a warning letter from US Food and Drug Administration (USFDA) for its manufacturing units located at L1, Chikalthana, Aurangabad and B15, Waluj, Aurangabad. USFDA has, however, excluded five products from import alert. Metoprolol XR is under the import alert. The company has already initiated several steps to address the observations made by the USFDA and shall put all efforts to resolve the matter at the earliest, Wockhardt said.

On a consolidated basis, Wockhardt's net profit fell 69.5% to Rs 138.50 crore on 11.2% fall 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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