 "Sequent Scientific hits new high; zooms over 90% in 2015")
Shares of Sequent Scientific hit a lifetime high of Rs 954, up 6%, extending their three-week rally on the BSE.
Since August 24, the stock of pharmaceutical company has rallied 36% from Rs 702, after the company said its facility at Mangalore was inspected by the US Food and Drug Administration (FDA) between Jun 29, 2015 and July 03, 2015 as part of their regular CGMP audit.
“There was ‘one’ observation (483s) relating to employee training management processes. The said observation has been attended to and a suitable response has been provided to the USFDA within the stipulated timeline,” Sequent Scientific said in a BSE filing.
On August 28, Alivira Animal Health, a subsidiary of Sequent Scientific, signed an agreement to acquire the animal health business of Lyka Exports, a subsidiary of Lyka Labs, on a 'going concern' basis. The proposed acquisition of Lyka’s animal health business includes all IPRs, sales/marketing/distribution network with related employees, contracts, assets and liabilities.
In FY15, Lyka’s animal health business registered a top line of close to Rs 23.50 crore with EBITDA margins in the range of 12%. The business is growing by over 30% during the ongoing financial year (FY16), Sequent Scientific said in a press release.
Thus far in 2015, the stock zoomed 93% from Rs 495 compared to 5.5% decline in the S&P BSE Sensex. At 12:59 PM, the stock was up 5% at Rs 941 and has seen around 14,000 shares change hands on the BSE.
Since August 24, the stock of pharmaceutical company has rallied 36% from Rs 702, after the company said its facility at Mangalore was inspected by the US Food and Drug Administration (FDA) between Jun 29, 2015 and July 03, 2015 as part of their regular CGMP audit.
“There was ‘one’ observation (483s) relating to employee training management processes. The said observation has been attended to and a suitable response has been provided to the USFDA within the stipulated timeline,” Sequent Scientific said in a BSE filing.
On August 28, Alivira Animal Health, a subsidiary of Sequent Scientific, signed an agreement to acquire the animal health business of Lyka Exports, a subsidiary of Lyka Labs, on a 'going concern' basis. The proposed acquisition of Lyka’s animal health business includes all IPRs, sales/marketing/distribution network with related employees, contracts, assets and liabilities.
In FY15, Lyka’s animal health business registered a top line of close to Rs 23.50 crore with EBITDA margins in the range of 12%. The business is growing by over 30% during the ongoing financial year (FY16), Sequent Scientific said in a press release.
Thus far in 2015, the stock zoomed 93% from Rs 495 compared to 5.5% decline in the S&P BSE Sensex. At 12:59 PM, the stock was up 5% at Rs 941 and has seen around 14,000 shares change hands on the BSE.
