Dishman Pharma hits 52-week high on strong Q1 results

The stock rallied 5% to Rs 233, extending its previous day's 6% surge on the BSE,

Dishman Pharmaceuticals & Chemicals has rallied 5% to Rs 233, extending its previous day’s 6% surge on the BSE, after reported a strong 59% year-on-year (Y-o-Y) growth in consolidated net profit at Rs 37.76 crore for the quarter ended June 30, 2015 (Q1), on account of lower raw material cost. The company had profit of Rs 23.81 crore in a year ago quarter.

Net sales grew by 10% at Rs 400 crore on Y-o-Y basis. The raw material cost nearly halved from Rs 188 crore to Rs 101 crore during the recently concluded quarter.

The stock opened at Rs 227 and touched a 52-week high of Rs 235 on the BSE. A combined 907,178 shares changed hands on the counter on the NSE and BSE till 09:30 AM.