Indian Stock Market Tips

Orchid Chemicals & Pharmaceuticals rose 0.83% to Rs 97.20 at 15:20 IST on BSE, with the stock recovering on bargain hunting after 4-day 5.02% slide.

The company announced the results after market hours on Friday, 9 November 2012.

Meanwhile, the BSE Sensex was up 33.47 points or 0.18% at 18,540.04.

On BSE, 1.17 lakh shares were traded in the counter as against average daily volume of 1.98 lakh shares in the past two weeks.

The stock hit a high of Rs 98.80 and a low of Rs 96.40 so far during the day.

Shares of Orchid Chemicals & Pharmaceuticals had tumbled 5.02% in four trading sessions to settle at Rs 96.40 on Friday, 23 November 2012, from a recent high of Rs 101.50 on 19 November 2012.

Orchid Chemicals & Pharmaceuticals early this month said that it was exiting its 50:50 manufacturing joint venture (JV) in China. The 50% stake that Orchid holds in the JV company (NCPC-Orchid Pharmaceuticals) will be transferred to the partner company (NCPC) for a total cash consideration of $13.9 million (RMB 87.5 million), Orchid said in a statement.

Orchid had in 2002 entered into a 50:50 JV with North China Pharmaceutical Corporation (NCPC) to set up a Cephalosporin API manufacturing facility located in Shijiazhuang, China.

Orchid Chemicals & Pharmaceuticals reported a net loss of Rs 19.95 crore in Q2 September 2012, compared with net profit of Rs 23.43 crore in Q2 September 2011. Net sales declined 19.8% to Rs 330.55 crore in Q2 September 2012 over Q2 September 2011.

Orchid Chemicals & Pharmaceuticals is involved in the development, manufacture and marketing of diverse bulk activities, formulations and nutraceuticals.