FDC advanced 11.42% to Rs 37.55 at 11:14 IST on BSE after the company said its board will meet on 12 August 2008 to consider buy back of equity shares.
The company made this announcement during trading hours today, 4 August 2008.
Meanwhile, the BSE Sensex was up 43.39 points, or 0.30%, to 14,700.08.
On BSE, 7.85 lakh shares were traded in the counter. The scrip had an average daily volume of 1.37 lakh shares in the past one quarter.
The stock hit a high of Rs 38.30 and a low of Rs 33.75 so far during the day. The stock had a 52-week high of Rs 53.60 on 3 January 2008 and a 52-week low of Rs 23.25 on 24 March 2008.
The small-cap company had outperformed the market over the past one month till 1 August 2008, gaining 36.16% compared to the Sensex’s return of 11.93%. It had also outperformed the market in the past one quarter, gaining 9.77% compared to Sensex’s decline of 16.72%.
The company has an equity capital of Rs 19.14 crore. Face value per share is Rs 1.
The current price of Rs 37.55 discounts its Q1 June 2008 annualised EPS of Rs 7.25, by a PE multiple of 5.18.
In July 2008, FDC received approval from the US Food and Drug Administration (USFDA) for ciprofloxacin ophthalmic solution.
In May 2008, FDC received USFDA approval for its abbreviated new drug application for Timolol Maleate ophthalmic solution.
FDC’s net profit surged 53.3% to Rs 34.70 crore on 11.9% increase in net sales to Rs 159.29 crore in Q1 June 2008 over Q1 June 2007.
The company manufactures electral, oral rehydration salt (ORS). It also manufactures bulk drugs, formulations and food products.