Lupin shares gained as much as 2 per cent on Thursday on reports that the drugmaker is planning to set up a new plant in Japan and invest Rs 100 crore in a manufacturing facility in India to cater to the Japanese market.
At 11.12 pm, shares of Lupin were trading 1.06 per cent up at Rs 1780.80. The scrip opened at Rs 1765.05 and had touched a high and low of Rs 1798 and Rs 1765.05, respectively, in trade so far. Sensex was up 25 points, or 0.11 per cent, at 23,114.87.
Later, the scrip closed 0.23 per cent down at Rs 1,758.
US growth for most Indian drug makers has lagged over the past year, making it crucial for companies to look elsewhere for growth. Japan is the 3rd largest market for Lupin and contributes 11 per cent to the group’s revenue, according to its website.
The promoters holding in the company stood at 46.53 per cent while public held 53.47 per cent respectively.
For the quarter ended December 2015, Lupin posted net profit of Rs 529.75 crore, down 11.92 per cent, against Rs 601.45 crore in the corresponding quarter a year ago.
Lupin had about Rs 1,700 crore in cash and cash equivalents by the end of March 2015.
(With inputs from Reuters)