Shares of Wockhardt have hit the highest since May. Know how

Shares of Wockhardt Ltd., a major drugs maker, hit its highest level since late May after the company reported a strong set of quarterly numbers.

Wockhardt said its first quarter profit surged nearly five-fold on a low base to 114.2 crore rupees compared with 20 crore rupees in the same quarter a year ago. Sales rose 15 percent to 1,140 crore rupees during April-June compared with 991 crore rupees in the year ago period.

Wockhardt rose 55 rupees, or 3.5 percent, to 1,649 rupees, its highest since May 25 on the National Stock Exchange, where 215 crore rupees worth of shares were transacted by 2:10 pm compared with Friday's tally of 166 crore rupees.

Wockhardt's market capitalisation has jumped 127 percent to 17,530 crore rupees over one year as investors went long on well-established pharma companies with a strong export record.

Image credit: Indiatimes