Shares of pharma company Sanofi India on Wednesday gained as much as 9 per cent and hit its 52-week high of Rs 7,250 on BSE after the company posted strong December quarter result. Traders said the spike in the stock was largely on the back of robust December quarter results and after the company announced a total dividend of Rs 349 per share.
The shares of the company opened on a bullish note at Rs 7,525.00, then gained ground and touched its 52-week high of Rs 7,637.55, on the BSE, even as the broader market was trading in the negative territory.
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The stock witnessed similar movement on the NSE as well, where it opened at 7,549.95, and rose further to 52-week high of Rs 7,640, registering a rise of 8.80 per cent.
The company on Tuesday posted a 22.96 per cent jump in profit to Rs 97.3 crore in December quarter. It had posted a profit of Rs 79.3 crore in the year-ago period. The company follows January-December financial year.
Sanofi India has also recommended a final dividend of Rs 106 per equity share and one-time special dividend of Rs 243 per equity share for the year ended on December 31, 2019. The total dividend recommended is Rs 349 per equity share.
On the volume front more than 88,000 shares exchanged hands on the NSE and over 8,500 on the BSE were traded till 1214 hours.
The spurt in volume was more than 5.89 times on the BSE while the trading session was open.