Shasun Chemicals & Drugs soared 12.04% to Rs 63.30 at 14:50 IST on BSE after it signed a non-exclusive deal with Merck & Co to allow the US firm the use of its proprietary technology to make bulk drugs..
The company made this announcement during market hours today, 27 February 2008.
Meanwhile, BSE Sensex was up 128.58 points or 0.72% to 17,934.77, on positive cues from Asian markets. Asian stocks surged today after weak US economic data and comments from a Federal Reserve official signaled that US interest rates will continue to head lower. Fed Vice Chairman Donald Kohn said on Tuesday, 26 February 2008, that a weak US economy was a bigger worry than higher inflation risks.
On BSE, 5.41 lakh shares were traded in the counter. The scrip had an average daily volume of 1.18 lakh shares in the past one quarter.
The stock hit a high of Rs 67.40 and a low of Rs 56.70 so far during the day. The stock had a 52-week high of Rs 157 on 22 June 2007 and a 52-week low of Rs 49.35 on 22 January 2008.
The small-cap scrip had underperformed the market over the past one month till 26 February 2008, declining 2.16% compared to the Sensex’s decline of 1.91%. It had also underperformed the market in the past one quarter, declining 16.85% compared to Sensex’s decline of 5.98%.
The company’s current equity is Rs 9.65 crore. Face value per share is Rs 2.
The current price of Rs 63.30 discounts its Q3 December 2007 annualized EPS of Rs 4.86, by a PE multiple of 13.03.
New Jersey headquartered Merck & Co., Inc. is a global research-driven pharmaceutical company dedicated to putting patients first. Merck discovers, develops, manufactures and markets vaccines and medicines to address unmet medical needs.
Shasun Chemicals & Drugs’ net profit declined 41.5% to Rs 5.86 crore on 25.5% growth in net sales in Q3 December 2007 over Q3 December 2006.
The company manufactures and supplies active pharmaceutical ingredients, intermediaries and formulations
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