Lupin Ltd shares gain 4.5 pct on rise in net profit, acquisition

Feb 03 2014, 17:34 IST
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Shares of drug major Lupin gained 4.5 per cent today after its third-quarter profit rose and the company announced an acquisition. (AP) Shares of drug major Lupin gained 4.5 per cent today after its third-quarter profit rose and the company announced an acquisition. (AP)
SummaryShares of drug major Lupin gained 4.5 per cent today after its third-quarter profit rose and the company announced an acquisition.

Shares of drug major Lupin gained 4.5 per cent today after its third-quarter profit rose and the company announced an acquisition.

Lupin shares ended at Rs 921.90 on the BSE, up 4.52 per cent, after climbing as much as 4.86 per cent to Rs 925. On the National Stock Exchange, the scrip settled at Rs 922.10, up 4.56 per cent.

The shares gained amid selling pressure in the broader market, with the benchmark Sensex ending at 20,209.26, down 304.59 points or 1.48 per cent.

Lupin's consolidated net profit rose 42 per cent to Rs 476 crore in the three months ended December 31, from Rs 335 crore in the year-ago period. Net sales climbed to Rs 2,982.97 crore as against Rs 2,465.87 crore in the same period of the previous financial year.

"In Q3 FY'14, Lupin's revenue increased by 21 per cent, in line with our expectations," said a report by Karvy Stock Broking.

Lupin today also announced the purchase of Netherlands-based Nanomi BV for an undisclosed amount.

The acquisition will help Lupin to make significant inroads into the niche area of complex injectables, the company said in a separate statement.

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