Shares of drug company Suven Life Sciences Ltd today skyrocketed by nearly 16 per cent after the company reported an over seven-fold increase in standalone net profit for the second quarter ended September 30, 2013.
Cheering the handsome earnings, shares of Suven shot-up by 15.16 per cent to settle at Rs 76.35 on the BSE. Intra-day, the stock spurted by 18 per cent to Rs 78.30 --its 52-week high.
At the NSE, the stock zoomed 15.75 per cent to Rs 76.45.
Following the rally in the stock, the company's market value rose by Rs 117 crore to Rs 891 crore.
Suven Life Sciences Ltd today reported over seven-fold increase in standalone net profit at Rs 45.54 crore for the second quarter ended September 30, 2013-14, on account of higher sales.
The company had posted standalone net profit of Rs 6.48 crore in the same period of previous fiscal, 2012-13, Suven Life Sciences said in a filing to the BSE.
Its net sales during Q2, 2013-14 were at Rs 151.41 crore as against Rs 50.25 crore in the year-ago period.