Sun Pharma Advanced Research Company rose 4.41% to Rs 292.50 at 11:25 IST on BSE after the company announced that a meeting of the board of directors will be held on 5 March 2016, to fix details of the proposed rights issue.
The announcement was made after market hours yesterday, 2 March 2016.Meanwhile, the BSE Sensex was up 239.62 points, or 0.99%, to 24,482.60.
On BSE, so far 1.17 lakh shares were traded in the counter, compared with an average volume of 1.17 lakh shares in the past one quarter. The stock hit a high of Rs 300.90 and a low of Rs 283.70 so far during the day. The stock hit a record high of Rs 598 on 10 March 2015. The stock hit a 52-week low of Rs 245.10 on 25 February 2016. The stock had underperformed the market over the past one month till 2 March 2016, declining 5.37% compared with 1.21% decline in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 20.09% as against Sensex's 7.18% fall.
The mid-cap company has an equity capital of Rs 23.67 crore. Face value per share is Re 1.
Sun Pharma Advanced Research Company (SPARC) announced that a meeting of the board of directors of the company will be held on 5 March 2016, to fix the issue price, issue size, entitlement ratio, fractional entitlement and record date for the proposed rights issue. SPARC's board of directors at a meeting held on 12 May 2015, had approved rights issue, so that the funds raised by way of right issue of shares is not more than Rs 250 crore.
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SPARC reported net loss of Rs 41.02 crore in Q3 December 2015 as against net loss of Rs 18.91 crore in Q3 December 2014. Net sales rose 7.3% to Rs 33.55 crore in Q3 December 2015 over Q3 December 2014.
SPARC is an international pharmaceutical company engaged in research and development of drugs and delivery systems.
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