Suven Life freezes at 20% upper circuit as board to mull rights issue

The stock had hit a 52-week low of Rs 62 on June 20, 2022, and has corrected 50 per cent from its record high level of Rs 124 touched on October 8, 2021

Suven Q2 net profit rises 5% at Rs 26.5 crore
SI Reporter Mumbai
2 min read Last Updated : Jun 21 2022 | 3:25 PM IST
Shares of Suven Life Sciences were locked in the 20 per cent upper circuit band at Rs 76.60 on the BSE on Tuesday on the back of heavy volumes after the company announced that its board will meet on Friday, June 24, 2022 to consider rights issue plan. In comparison, the S&P BSE Sensex was up 1.8 per cent at 52,521 points at 03:03 PM.

The counter saw huge trading volumes with a combined 3.02 million equity shares, representing 2 per cent of total equity of Suven Life, changing hands on the BSE and NSE. There are pending buy orders for 75,000 shares on both the exchanges.

"A meeting of the board of directors of the Company is scheduled to be held on June 24, 2022, to consider matters related to raising of funds through issue of equity shares of the Company on rights basis to the existing equity shareholders of the Company," Suven Life said in a exchange filing on Monday after market hours.

The stock of the healthcare research, analytics & technology company had hit a 52-week low of Rs 62 on June 20, 2022. It has corrected 50 per cent from its record high level of Rs 124, touched on October 8, 2021.

For the financial year 2021-22 (FY22), Suven Life's consolidated loss widened to Rs 122 crore from Rs 72 crore in FY21. The company reported revenue of Rs 17 crore in FY22 against Rs 21 crore in FY21.

Suven, a Biopharmaceutical company, engaged in Drug Discovery and Development of New Chemical Entities (NCEs) in Central Nervous System (CNS) disorders targeting unmet medical needs, globally. Covid-19 impacted the ongoing clinical study of SUVN-G3031 in enrollment and withdrawal of patients from the study leading to increased timeframe and cost.

"Since last reporting period, the Company has been granted 19 patents for its innovative drug discovery covering ARIPO, Australia, Brazil, Eurasia, Hong Kong, India, Israel, Japan, Mexico, New Zealand, Singapore, Sri Lanka, and USA," Suven Life said while announcing March quarter results on May 7, 2022.
 
 


One subscription. Two world-class reads.

Already subscribed? Log in

Subscribe to read the full story →
Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

Topics :Buzzing stocksSuven Life SciencesMarkets

Next Story