Intraday Spotlight: Suven Life Sciences gains 12 per cent; heres why!

Board to consider fund raising through the rights issue.

Suven Life Sciences Ltd, engaged in the healthcare, R&D and analytics business, has jumped over 12 per cent today from its previous close of Rs 63.85 as the board considers raising funds through a rights issue. In an upcoming meeting on June 24 2022, the management will consider issuing equity shares of the company on a rights basis to the existing shareholders of the company.   

The stock opened at Rs 63.20 and has made its day high of Rs 73.45 (+15 per cent). This might have come as a big relief for shareholders since the stock has been trading near its 52-week low of Rs 62. As of 10:30 am today, the stock was trading near Rs 71.6 on the BSE. This company is one of the leading gainers in group A on the BSE.   

While the benchmark index like Sensex has made a bounce back today by rising about 1.5 per cent, Suven Life Sciences has been flying like a rocket. For the quarter ended March, the company reported a growth of 3.8 per cent in profitability and a high jump of 171 per cent in revenues on a YoY basis.     

Suven Life Sciences Ltd provides a wide range of drug discovery and development support services to global pharma and biotech companies. It offers research services specializing in synthetic, medicinal and analytical chemistry.    

The stock has a 52-week high and low of Rs 124.40 and Rs 62, respectively.