Sharon Bio on a roll!
Sharon Bio-Medical had had hit a new high yesterday at Rs.419 and today too, it hit a new high at Rs.440.It currently remains around the same levels at Rs.439, up almost 8%.
The stock is up after the company announced yesterday, half hour before market closure that its Board would be meeting on 14th Jan to discuss the sub-division of equity shares and issuance of bonus equity shares.
The mid-size pharma company is engaged in the manufacture of APIs and Pharma Intermediates since 1995, with manufacturing facilities at Dehradun. Recently, its Formulation Plant at Dehradun was reapproved by United Kingdom MHRA (Medicines & Health Care Product Regulatory Agency) authorities for complying with principles and other guidelines of good manufacturing practices for Tablets and Capsules. This is expected to increase sales to Europe and other regulated countries except United States of America in near future.
The company has a 30th June year ending and for first quarter ended 30th Sept 2013, it had posted a 29% (YoY) rise in net profit at Rs.15 crore on a 46% increase in revenue at Rs.315 crore. Last fiscal, it invested Rs.70 crore for expanding the formulations plant at Uttarakhand. Its reserves as at 30th June'13 stood at Rs.233 crore and equity capital is at Rs.10.56 crore.