Jul 17, 2007, 09.19 PM | Source: Moneycontrol.com
It was a good day for Celestial Labs, a Hyderabad based company in the bio-informatics and bio-technology sector, which maintained positive momentum through the day despite weak sentiment in the market.
It has started the day at Rs 75, with premium of 25% over its issue price of Rs 60 and touched a high of Rs 104.90 with whopping gain of 75%.
The share closed at Rs 66.65, up 11.08%, with volumes of 1,04,37,211 shares on the NSE and at Rs 67.20, with volumes of 77,87,026 shares on the BSE.
The turnover for the day was at Rs 74.10 crore on the NSE.
In an interview with CNBC-TV18, Aditya Narayan Singh, CEO of Celestial Labs said that he expects the FY08 topline to be Rs 25 crore and net profits to be Rs 10 crore. He expects to maintain margins at 40%.
The company offers enterprise resources, planning solutions, database warehousing and bio services like clinical data management, molecular modelling and design and development of drug molecules.
The company had raised Rs 30 crore from its initial public offering (IPO) of 50-lakh equity shares of Rs 10 each at a price of Rs 60 per share.
The company plans to use the issue proceeds for enhancing existing infrastructure for bio informatics, for setting up of infrastructure for manufacturing of enzymes and for related activities.