Aarti Drugs jumps 4%, partly recoups last two days’ losses

As many as 3.3 lakh shares of Aarti Drugs were traded on the exchanges till afternoon

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Share price of Aarti Drugs price jumped as much as four percent on September 13, partly recouping last two trading sessions’ six percent loss, amid soft trading volumes.

At 2.23 pm on the NSE, Aarti Drugs’ stock was trading at Rs 599.70 a piece, up 2.94 percent from the previous close. No key trigger was immediately known for the move in the pharmaceutical stock.

As many as 3.3 lakh shares of Aarti Drugs were traded on the exchanges till afternoon, a little below the 4 lakh average volume of the last 20 trading days.

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Aarti Drugs has jumped over 88 percent in the last six months, sharply recovering from its lows in March 2023. The stock has given 31 percent returns year-to-date.

The board of Aarti Drugs had in July approved a share buyback of Rs 59.85 crore, which had then sent the stock soaring. The buyback of 0.72 percent of the total equity of Aarti Drugs was concluded in August.

ALSO READ: Aarti Drugs spikes 18% to hit 52-week high on buyback offer with sharp premium

The company had reported a 53 percent on-year jump in net profit at Rs 40 crore for the April-June quarter. This was on the back of seven percent on-year gain in revenue at Rs 592 crore, which, analysts said, fell short of expectations. Axis Securities said that the revenue and net profit numbers in Q1FY24 were below their estimates as exports were primarily low in formulations and speciality chemicals segment during the period.

Aarti Drugs is engaged in the manufacturing of Active Pharmaceutical Ingredients, pharma intermediates, and specialty chemicals.

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