Shares of Lyka Labs surged in Thursday’s trade after the drugmaker inked a pact to buy animal healthcare business from Agilis Healthcare. The stock continued to climb for the second straight session today despite an overall weakness in the domestic equity benchmarks. It jumped 4.83 per cent to hit a day high of Rs 139.90 today over its previous close of Rs 133.45.
A total of 7,570 shares changed hands with a turnover of Rs 10.42 lakh. The company’s market capitalisation or m-cap stood at Rs 395.78 crore.
On BSE, there were 9,952 sell orders against buy orders of 5,029 shares. On NSE, a total of 1,42,511 shares changed hands with a turnover of Rs 1.96 crore.
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At today’s high level of Rs 139.90, Lyka Labs has gained 36.49 per cent compared to its June low of Rs 102.50. That said, the stock has declined 47.64 per cent from its one-year high level of Rs 267.20, hit in December 2021.
The scrip has moved 3 per cent higher in the previous five sessions. On a year-to-date (YTD) basis, it has lost 38.87 per cent.
“The company has finalised and signed the agreement with Agilis Healthcare Pvt Ltd,” Lyka stated in an exchange filing.
It had proposed acquisition of the animal healthcare business earlier in November this year.
On the earnings front, Lyka Labs posted a net loss of Rs 38.38 lakh in the second quarter (Q2), which ended on September 30, of the current financial year 2022-23 (FY23) on a sequential basis. The company had posted a profit of Rs 38.38 lakh in the June quarter (Q1 FY23).
Lyka’s revenue from operations came at Rs 22.13 crore in Q2 FY23.
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Meanwhile, Indian equity benchmarks traded on a lower note in today’s deals amid weakness in bank, automobile, metal and energy stocks.