Sharon Bio hits 20% UC

The Board of Sharon Bio-Medicine met yesterday and discussed the current financial position of the Company. Based on that, they have decided to introduce more profitable products to increase capacity utilization. The Board has also decided to get the business to move in the regulated markets specifically the United States of America.

With a market cap of Rs.122 crore, the company provides pharmaceutical products and services including animal toxicology and manufacturing of finished dosages.

It is a consistently loss-making company ; it had ended Q4FY16 with a loss of Rs.154 crore, up from Rs.71 core loss in Q3.  It ended FY16 with a loss of Rs.234 crore.

The market is hoping that with the Board trying to breath some life back into the company, it could see some positive developments in the coming months. The stock has breached the 20% upper circuit at Rs.11.62, with almost 2.5 times rise in volumes.