Shares of Suven Life Sciences hit upper circuit of 10 per cent for the second consecutive day on Wednesday, hitting all-time high of Rs 99.90 apiece on the Bombay Stock Exchange. The stock has rallied 109 per cent so far in December as compared to 4.5 per cent gain in the Sensex and 3.38 rise in the S&P BSE Healthcare index.
Early today, Suven Life Sciences share price opened sharply higher at Rs 98.90 against the previous closing price of Rs 90.90. The stock emerged as top gainer stock Healthcare index and ended day's trade at record high of Rs 99.95, up 9.96 per cent on the BSE. The market cap of the drug maker surged to Rs 1,272.19 crore. Meanwhile, the S&P BSE Healthcare index closed 0.78 per cent higher at 21,304.60.
On the volume front, there was spurt in buying as 4.38 lakh shares changed hands over the counter as compared to two-week average volume of 4.15 lakh shares.
On the National Stock Exchange, Suven Life Sciences shares settled at all-time high of Rs 100.20, up 9.99 per cent, against the previous closing price of Rs 91.10.
Earlier today, the BSE had sought clarification from the company with reference to significant movement in share price, in order to ensure that investors have latest relevant information about the company and their interest are safeguarded.
Responding to the BSE query on recent surge in share price, Suven Life Sciences said that it has notified NSE and BSE all the information which comes under the purview of regulations.
"At this point of time we do not have any material announcement/ event due for notification to the stock exchanges under Regulation 30 of SEBI LODR Regulations which may have a bearing on the price or volume behavior of the scrip," it said in a filing to the BSE.
For July-September quarter, the homegrown drug maker reported a 20.35 per cent decline in its consolidated net profit at Rs 74.07 crore as compared to Rs 93 crore in the corresponding period of the previous fiscal. Consolidated total income of the company stood at Rs 237.74 crore as against Rs 278.37 crore in the same period year ago.