Suven rises on enhancement of investment limits

Suven Life Sciences rose 1.04% to Rs 272.90 at 09:28 IST on BSE after the companys board of directors approved enhancement of investment limits in wholly owned subsidiary in USA.

Apr 16, 2019 04:04 IST capital market

The announcement was made after market hours yesterday, 15 April 2019.

Meanwhile, the S&P BSE Sensex was up 233.21 points, or 0.6% to 39,139.05

On the BSE, 6,666 shares were traded in the counter so far compared with average daily volumes of 66,000 shares in the past two weeks. The stock had hit a high of Rs 274.50 and a low of Rs 272.05 so far during the day.

Suven Life Sciences said that the companys board of directors has approved the enhancement of investment limits in wholly owned subsidiary in USA Suven Neurosciences, Inc. from $25 million upto $50 million to undertake clinical trials on the molecules in the pipeline.

Net profit of Suven Life Sciences dropped 27.08% to Rs 25.23 crore on 19.27% fall in total income to Rs 134.78 crore in Q3 December 2018 over Q3 December 2017.

Suven Life Science is a biopharmaceutical company focused on discovering, developing and commercializing novel pharmaceutical products.

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