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Panacea Biotec gains on selling 100% stake in arm

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rose 3.99% to Rs 165.45 at 14:23 on after the company said it will sell its entire stake in NewRise Healthcare to Hrudayalaya at an enterprise value of Rs 180 crore.

The announcement was made during trading hours today, 21 April 2017.

Meanwhile, the S&P Sensex was down 99.99 points, or 0.34% to 29,322.40.

On the BSE, 1.18 lakh shares were traded in the counter so far, compared with average daily volumes of 41,335 shares in the past one quarter. The stock had hit a high of Rs 174.40 and a low of Rs 156.20 so far during the day.

The stock hit a 52-week high of Rs 178.30 on 27 January 2017. The stock hit a 52-week low of Rs 85.50 on 26 May 2016.

The stock had outperformed the market over the past one month till 20 April 2017, rising 4.02% compared with 0.87% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 8.71% as against Sensex's 8.83% rise.

The small-cap company has equity capital of Rs 6.13 crore. Face value per share is Re 1.

has entered into a definitive agreement to divest its 100% stake held in NewRise Healthcare (NHPL) which has set up a multi-speciality hospital at Gurugram which is near completion to Hrudayalaya. Under the definitive agreement, has agreed to sell its 100% equity share in NHPL to Hrudayalaya. Panacea Biotec's associate company PanEra Biotec has agreed to sell 100% preference shares in NewRise Healthcare to Narayana Hrudayalaya.

Shares of Narayana Hrudayalaya were up 0.03% at Rs 318.45.

Panacea Biotec reported net loss of Rs 29.25 crore in Q3 December 2016, higher than net loss of Rs 17.38 crore in Q3 December 2015. Net sales declined 34% to Rs 99.33 crore in Q3 December 2016 over Q3 December 2015.

Panacea Biotec is one of India's leading research based biotechnology companies with established research, manufacturing and marketing capabilities.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, April 21 2017. 14:29 IST