Sharon Bio-Medicine jumps 20% as board discusses strategy to turnaround

NEW DELHI: Shares of Sharon Bio-Medicine ended 20 per cent higher on Wednesday after the company informed the stock exchanges that it was considering ways to enter regulated markets such as the US in the near future. In a regulatory filing to BSE, the company said its board of directors discussed the current financial position of the company and decided to “introduce more profitable products to increase capacity utilisation and get the business to move in the regulated markets specifically the United States of America.

Following the development, the stock rose 19.91 per cent to Rs 11.62 on BSE.

The company has reported standalone losses in at least past four quarter. For the March quarter, it reported a widening of standalone profit to Rs 153.77 crore from Rs 49 crore in the year-ago quarter. Sales too declined for two consecutive quarters. At Rs 35.77 crore, sales for March quarter was 72 per cent lower than Rs 129.15 crore standalone sales it reported in the year-ago quarter.

The company had last week said that it would discuss the overall financial viability of the company.