Strides Pharma shares jump 4% after strong earnings announcement

Shares of Strides Pharma Science rose 4 per cent in the morning trade on Tuesday after the company said its profit after tax from continuing operations stood at Rs 84 crore for the June quarter.

The stock of the company climbed 4.02 per cent to trade at Rs 1,071.60 apiece on the National Stock Exchange (NSE).

On the BSE, the scrip of Strides Pharma Science jumped 3.54 per cent to trade at Rs 1,070.35 per piece.

In the intra-day session, the pharmaceutical company's stock advanced to hit its 52-week of Rs 1,123 and 1,120.30 apiece on the NSE and the BSE, respectively.

The 30-share BSE benchmark bounced 365.99 points, or 0.45 per cent, to 81,721.83 while NSE Nifty rose 112.65 points to trade at 24,948.75 on Tuesday.

Strides Pharma Science on Monday said its profit after tax from continuing operations stood at Rs 84 crore for the first quarter of the current fiscal.

The drug firm had reported a loss of Rs 29.5 crore in the year-ago period, the company said in a regulatory filing.

Its revenue stood at Rs 1,087 crore in the period under review, compared to Rs 932 crore a year ago, it added.