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Wockhardt extends rally

SI Reporter/Mumbai 10 Aug 12 | 12:21 PM
Related to : Wockhardt Ltd
 Wockhardt Ltd
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Wockhardt Limited is trading higher by 3% at Rs 1,191, also its new high on the Bombay Stock Exchange. The stock has rallied 18% in past one week as compared to 2% rise in benchmark Sensex and a marginal 0.37% gain in healthcare sector index after the announcement of June quarter results.

The pharmaceutical firm posted a spectacular 95% year-on-year (yoy) growth in net profit at Rs 378 crore in the June quarter. Operating profit grew 61% at Rs 520 crore on yoy and represented 10th consecutive quarter of sequential growth.

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Wockhardt has become the top three best performing Indian pharma companies, after reported a sustained operating profit and net profit performance, both in terms of value and margins.

“The company recently concluded the divestment of its Nutrition business to Danone for Rs 1,280 crore. This has significantly improved the balance sheet position for the company and its net debt to equity ratio now stands below 1," Wockhardt said in a filing.

The stock opened at Rs 1,140 and has seen 410,324 shares changing hands on the counter so far.

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