The pharmaceutical company Eris Lifesciences saw its shares reach a 52-week high on Friday with a significant increase in trading volume. The company, based in Ahmedabad, India, witnessed its stock price rise by Rs 75, which is 8.8 percent, to reach Rs 925 per share on the Bombay Stock Exchange (BSE).
This rapid increase in the stock price was driven by a substantial increase in trading activity, with trading volume surging by more than 17 times its usual level. By noon, the stock was still in positive territory, maintaining a gain of 6.4 percent at Rs 904.7 per share on the stock exchange.
Here are some key details about Eris Lifesciences:
Performance in Q1: In the first quarter of this financial year, Eris Lifesciences reported a net profit of Rs 110.7 crore, compared to Rs 95.6 crore for the same period last year. Its total income also increased, reaching Rs 415.3 crore for April to June, up from Rs 332 crore a year ago.
Promoter/FII Holdings: Foreign institutional investors reduced their ownership in the company to 13.78 percent at the end of the June quarter, down from 14.86 percent in the previous three months. During the quarter, promoters pledged 11.37 percent of their shares in the company.
Market Value: Eris Lifesciences, a midcap pharmaceutical company, has a market capitalization of Rs 12,320 crore. It maintains low levels of debt and has seen improvement in its book value per share for the past two years, according to the stock analysis portal Trendlyne.
Past Stock Performance: Over the past year, Eris Lifesciences stock has provided investors with a return of 29 percent, outperforming the Nifty, which grew by almost 17 percent during the same period.
Future Expectations: According to Trendlyne, the average brokerage target for the stock is Rs 873, suggesting a potential upside of about 2.7 percent from its previous closing price.
Company’s Focus: Eris Lifesciences is primarily engaged in the manufacturing, marketing, and sale of generic pharmaceuticals in both chronic and acute categories within the pharmaceutical market.