Abbott India shares climb over 7 per cent on stellar earnings

MUMBAI: Shares of drug firm Abbott India today jumped over 7 per cent after the company posted 71.42 per cent rise in its net profit for the first quarter ended June 30.

The drug firm's stock climbed 7.56 per cent to settle at Rs 2,340.45 on the BSE. In intra-day session, it rose by 13 per cent to Rs 2,460.

At the NSE, the scrip advanced by 6.46 per cent to close the day at Rs 2,321.

Abbott India today posted 71.42 per cent rise in its net profit to Rs 50.93 crore for the first quarter ended June 30.

The company had posted a net profit of Rs 29.71 crore for the same period of previous fiscal.

Net sales of the company rose to Rs 516.91 crore for the first quarter, as compared to Rs 429.68 crore during the same period of previous fiscal, Abbott India Ltd said in a filing to the BSE.

In 2010, Abbott acquired both the pharmaceutical business of Solvay, which had a presence in India, and Piramal Healthcare Solutions, which was part of Piramal Group.