Wockhardt spurts on bargain hunting

Wockhardt spurted 11.44% to Rs 378.45 at 15:04 IST on BSE on bargain hunting after the stock tumbled 20.72% in the preceding 10 trading sessions to Rs 339.60 on 16 December 2013 from a recent high of Rs 428.35 on 2 December 2013.

Meanwhile, the BSE Sensex was down 26.97 points, or 0.13%, to 20,632.55.

On BSE, so far 19.28 lakh shares were traded in the counter, compared with an average volume of 2.83 lakh shares in the past one quarter.

The stock hit a high of Rs 389 and a low of Rs 339 so far during the day. The stock hit a record high of Rs 2,166.05 on 12 March 2013. The stock hit a 52-week low of Rs 336.60 on 16 December 2013.

The stock had underperformed the market over the past one month till 16 December 2013, sliding 28.41% compared with the Sensex's 1.28% rise. The scrip had also underperformed the market in past one quarter, falling 42.65% as against Sensex's 4.65% rise.

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

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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