The share price of Divi's Laboratories, a Rs.4,000 crore plus pharma major from Hyderabad, has taken jump of over 8 per cent in the morning session on BSE and touched to Rs.816 as the US FDA has lifted the Import Alert 99-32 imposed on its Unit-II at Visakhapatnam. The US FDA imposed an import alert during March 2017 and issued warning letter in May 2017 for its Vishakhapatnam facility. The market capitalisation worked out to Rs.19,265 crore.
Divi's scrip went up sharply by over Rs.55 on BSE or over 8.4 per cent in the morning session and touched to day's highest level at Rs.816.15 The scrip touched to its yearly lowest level at Rs.533 on May 29, 2017. Earlier, the board of directors of the company has recommended dividend of 500 per cent i.e Rs.10/- per equity share of face value Rs.2/- each for the year ended March 31, 2017.
The company's net sales for the year ended March 2017 increased by 7.8 per cent to Rs.4,095 crore from Rs.3,798 crore in the previous year. Exports constituted 88 per cent of sales and about 73 per cent to advanced markets in North America and Europe. Its net profit, however, declined to Rs.1,060 crore from Rs.1,126 crore mainly due to forex loss of Rs.40 crore as against a forex gain of Rs.37 crore during the last year. EPS worked out to Rs.39.95 as against Rs.42.41 in the last year. As against the equity capital of Rs.53.09 crore, its reserves and surplus amounted to Rs.5,304 crore.
Divi's lab scrip jumps, clearance, us fda for visakhapatnam unit
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