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Panacea Biotec gains on selling 100% stake in arm
(14:29, 21 Apr 2017)
The announcement was made during trading hours today, 21 April 2017.

Meanwhile, the S&P BSE Sensex was down 99.99 points, or 0.34% to 29,322.40.

On the BSE, 1.18 lakh shares were traded in the counter so far, compared with average daily volumes of 41,335 shares in the past one quarter. The stock had hit a high of Rs 174.40 and a low of Rs 156.20 so far during the day.

The stock hit a 52-week high of Rs 178.30 on 27 January 2017. The stock hit a 52-week low of Rs 85.50 on 26 May 2016.

The stock had outperformed the market over the past one month till 20 April 2017, rising 4.02% compared with 0.87% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 8.71% as against Sensex's 8.83% rise.

The small-cap company has equity capital of Rs 6.13 crore. Face value per share is Re 1.

Panacea Biotec has entered into a definitive agreement to divest its 100% stake held in NewRise Healthcare (NHPL) which has set up a multi-speciality hospital at Gurugram which is near completion to Narayana Hrudayalaya. Under the definitive agreement, Panacea Biotec has agreed to sell its 100% equity share in NHPL to Narayana Hrudayalaya. Panacea Biotec's associate company PanEra Biotec has agreed to sell 100% preference shares in NewRise Healthcare to Narayana Hrudayalaya.

Shares of Narayana Hrudayalaya were up 0.03% at Rs 318.45.

Panacea Biotec reported net loss of Rs 29.25 crore in Q3 December 2016, higher than net loss of Rs 17.38 crore in Q3 December 2015. Net sales declined 34% to Rs 99.33 crore in Q3 December 2016 over Q3 December 2015.

Panacea Biotec is one of India's leading research based biotechnology companies with established research, manufacturing and marketing capabilities.

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