Volume in Sun Pharma Advanced Research Company Limited (SPARC) shares reached more than 22 times its one-week average Monday, while the Indian drug developer's stock peaked 11.4% above its previous close.
At 1:30 a.m. ET (noon IST), 22.19 million shares had changed hands, compared with a one-week average of 974,946, according to HDFC Sky's snapshot of National Stock Exchange (NSE) data. The broker put the shares at ₹210.46 at that time, up 6.82% from the previous close.
Earlier, an IDBI Capital quote stamped 12:44:59 a.m. ET (11:14:59 a.m. IST) showed a session high of ₹219.49 after SPARC opened at ₹198.50. The previous close was ₹197.03. The 11.4% gain describes the intraday peak, not a closing return.
India's main indexes were lower earlier in Monday's session. HDFC Sky recorded the Sensex down 0.25% at 11:33 p.m. ET Sunday (10:03 a.m. IST Monday) and the Nifty 50 down 0.23% one minute later.
SPARC reported consolidated revenue from operations of ₹30.03 crore for the quarter ended Sept. 30, up from ₹7.86 crore a year earlier. Its consolidated net loss narrowed to ₹24.39 crore from ₹75.85 crore, according to its Nov. 2 exchange filing.
Compared with the June quarter, however, revenue fell from ₹39.92 crore, and the net loss widened from ₹20.78 crore. SPARC said it recognized ₹29.21 crore of June-quarter revenue after terminating a licensing agreement with CMS Bridging DMCC.
For September, the company reported ₹23.62 crore in other income, up from ₹0.01 crore a year earlier. Total expenses reached ₹77.96 crore, exceeding revenue from operations. SPARC says its clinical-stage drug research focuses on oncology and immunology; pharmaceutical research and development is its sole reportable business segment.
