Brooks Labs gains over 30% on listing; exports to drive growth

NEW DELHI: Brooks Laboratories Ltd, a pharmaceutical contract research and manufacturing services company, listed at Rs 110 per share against its issue price of Rs 100.

At 09:58 a.m., shares in the company pared most of its early morning gains and were trading 14% higher at Rs 114. The stock hit a high of Rs 131.10, translating over 30% gain in trade today.

“The company expects its top-line to grow by 35-40% in FY12 on the back of higher exports,” said Atul Ramchal, CMD, Brooks Labs.

“The management of the company is positive on clocking Profit After Tax of Rs 20 cr in FY12,” added Atul.

The company caters to antibiotic, antituberculosis therapeutic segments.

The company plans to use proceeds for setting up a new manufacturing unit at JB SEZ Pvt Ltd, Panoli, Gujarat for various pharmaceuticals formulations.