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aurobindo pharma jumps 7% on spike in volume; board declares dividend

Friday, Feb 7 2020 11:59AM

Share price of pharmaceutical manufacturing company Aurobindo Pharma jumped almost 8 percent intraday on February 7 after the company's net profit for the quarter ended December 31, 2019 fell marginally by one percent to Rs 705.3 crore against Rs 712.2 crore during the corresponding period last fiscal.

According to a filing with the bourses, revenues from operations during the quarter under review was up nearly 12 percent to Rs 5,895 crore.

Formulation revenue for the quarter posted a growth of 17.4 percent YoY to Rs 5,104.9 crore and accounted for 86.6 percent of total revenues.

US formulations revenue registered 22 percent growth at Rs 2,969.4 crore against Rs 2,433.2 in the third quarter of FY19 while Europe formulations revenue was at Rs 1,476.3 crore - an increase of 14.2 percent against Q3FY19.
The Board of Directors of the company at its meeting held on Thursday approved a second interim dividend of Rs 1. 75 per equity share of Re 1 each on the equity share capital of the company for the financial year 2019-20.

Commenting on the performance, N Govindarajan, Managing Director of the company said: "We continue to perform well across all our key geographies. We remain focused on strengthening our existing businesses and developing a differentiated and specialty driven product portfolio. We are committed to resolve all pending regulatory issues and continuously improve quality."

The stock witnessed spurt in volume by more than 2.12 times. It was trading with volumes of 358,893 shares, compared to its five day average of 181,376 shares, an increase of 97.87 percent. The scrip was quoting at Rs 551, up Rs 40.20, or 7.87 percent. It has touched an intraday high of Rs 553.20 and an intraday low of Rs 514.35.

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