Arvind Remedies rose 1.75% to Rs 37.75 at 9:35 IST on BSE after the company said it signed a pact with Adesh University to make formulation products targeting certain diseases.
The company made the announcement after market hours on Monday, 16 June 2014.
Meanwhile, the BSE Sensex was up 21.03 points, or 0.08%, to 25,211.51.
On BSE, so far 20,000 shares were traded in the counter, compared with an average volume of 2.14 lakh shares in the past one quarter.
The stock hit a high of Rs 38 and a low of Rs 37.50 so far during the day. The stock hit a 52-week high of Rs 59.95 on 8 November 2013. The stock hit a 52-week low of Rs 26.50 on 26 June 2013.
The stock had underperformed the market over the past one month till 16 June 2014, falling 8.17% compared with 4.43% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 15.97% as against Sensex's 15.50% rise.
The small-cap company has an equity capital of Rs 68.13 crore. Face value per share is Rs 10.
Arvind Remedies has inked a pact with Punjab-based Adesh University to make formulation products targeting certain diseases such as type 2 diabetes, coronary heart disease and depression, based on Adesh University's patents.
These drugs will be manufactured in the form of tablets and will be launched in the domestic market by 2017 followed by the global market, the company said.
Net profit of Arvind Remedies declined 14.34% to Rs 10.63 crore on 57.67% rise in net sales to Rs 274.32 crore in Q4 March 2014 over Q4 March 2013.
Arvind Remedies manufactures and markets allopathic and ayurvedic pharmaceutical products.
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