Dishman Pharma in the green

Dishman Pharma is on a strong rally today. The stock is up over 2% at Rs.97.10, with an intra day high at Rs.97.95, with a 52-week high at Rs.110.40.

The stock is in the green post the news that the company is selling its land to Nirma to pare its debt. The company is reportedly selling its 175 hectares land in Gujarat to Nirma, for a consideration of Rs.650 crore. The company is setting on a debt of around Rs.800 crore.

On a consolidated basis, Dishman posted a 3% in total income for the quarter ending December 31, at Rs 314.26 crore, while its net profit dipped marginally from Rs 16.41 crore in Q3FY13 to Rs 15.15 crore in Q3FY14. For the nine month period, on a consolidated basis, Dishman posted a 4.3% rise in total income from operations to Rs 975.9 crore, and its net profit grew 6% to Rs 86.67 crore.