Astec Lifesciences

The company had hit a new high on 10th March at Rs.160.60 on rumours doing the rounds that the company might sell off strategic stake or even selling-off business or bring in strategic partner. And the company issued a clarification yesterday that it remained fully committed to grow the operations of the company and was looking at a healthy growth this year. It did not come out and outrightly refute the take sale news; it seemed more round about. Nevertheless, post the clarification, the stock price tanked and the stock closed 5% lower.

The company, which makes a wide range of agrochemical active ingredients and pharmaceutical intermediates had ended Q3FY15 with a 12% (YoY) rise in consolidated net sales at Rs.57 crore and EBITDA was up 20% at Rs.12 crore. It ended the quarter with a net profit at Rs.3 crore v/s Rs.2 crore in previous Q3. Its 9MFY15 net profit at Rs.11 crore has already surpassed Rs.9 crore posted in FY14. Promoters stake as at 31st Dec 2014 stands at 58.05% but of this, 64.35% is pledged.