Wockhardt hits fresh 52-week high

MUMBAI, Feb 11 (Business Standard): Shares of Wockhardt has rallied 6 per cent to Rs 1,440, extending its nearly 15 per cent rally in past one-week on BSE, after the company reported 14 per cent increase in consolidated net profit at Rs 3.47 billion for the third quarter ended December 31, 2014 (Q3).
The stock opened at Rs 1,373 and hit high of Rs 1,462, its highest level since May 2013, on BSE. The trading volumes on the counter nearly doubled with a combined 3.45 million shares changed hands till 1437 hours on BSE and NSE.The benchmark S&P BSE Sensex dipped 1.4 per cent during the same period.
Analysts at Indsec Securities and Finance expect, the revenue of the company will see healthier growth in the future due to exports being started from Chikalthana facility to UK along with the sales from Morton Grove to US market from this quarter.
Meanwhile, Citi upgraded the stock to buy from sell. The brokerage has also revised its target price to Rs 1,880 per share following firm December quarter results.