Torrent Pharma stock rises on strong Q3 earnings

Shares of Torrent Pharmaceuticals surged 12.5 per cent  on Wednesday after the company reported a 41 per cent increase in consolidated net profit for the third quarter ended December 31, 2013.

Reacting to the encouraging results, shares of the drug firm opened the day on a strong note and further jumped 12.5 per cent to Rs 534.80-its 52-week high on the BSE in morning trade.

At the NSE, the stock soared 12.54 per cent to touch its one-year peak of Rs 533.30.

The company had on Tuesday reported 41 per cent increase in its consolidated net profit for the third quarter ended December 31, 2013 to Rs 158 crore on the back of robust sales.

It had posted a consolidated net profit of Rs 112 crore in the same period last fiscal.

Net sales during the quarter under review stood at Rs 990 crore as compared to Rs 768 crore in the year-ago period.

The Board of Directors of the company, at its meeting held yesterday, had also declared an interim dividend of Rs 5 per equity share of Rs 5 each.