Shares of Dishman Pharmaceuticals are nearing its record highs

Dishman Pharmaceuticals and Chemicals Ltd., a mid-sized drugs company, neared its record highs on Tuesday after reporting a sharp surge in first quarter earnings.

Dishman said its first quarter net profit jumped 59 percent to 37.8 crore rupees compared with 23.8 crore rupees in the same period a year earlier. Sales during April-June rose 9.8 percent to 400 crore rupees.

As a consequence, Dishman surged 4.3 percent, or 9.5 rupees, to 231.50 rupees on the National Stock Exchange with 19.5 lakh shares traded compared with a 5-day average of 13.7 lakh shares.

Dishman's market capitalisation gained 47 percent in the past one year to 1,887 crore rupees and the stock is trading at 1.4 times its book value of 162.5 rupees.

Image credit: Indiatimes