Sanofi India hits record high, surges 9% on dividend of Rs 349 per share

The total dividend of Rs 343 per share includes a one-time special dividend of Rs 243 per equity share for the year ended December 31, 2019.

Shares of Sanofi India hit a record high of Rs 7,638, surging 9 per cent, on the BSE on Wednesday after the pharmaceutical company announced a total dividend of Rs 349 per share.

“The Board has recommended a dividend of Rs 106 per equity share of Rs 10 for the year ended December 31, 2019. In addition, after reviewing the cash requirements for the Company's operations, a one-time special dividend of Rs 243 per equity share is being recommended,” Sanofi India said in exchange filing.The total dividend of Rs 349 per equity share will be paid after approval of shareholders at the ensuing Annual General Meeting scheduled on April 28, 2020. The final as well as one-time special dividend, if approved by the shareholders, will be paid on or after May 5, 2020, it added. In September 2019, the drug maker India had sold its Ankleshwar manufacturing plant to European pharmaceutical company Zentiva for Rs 261 crore as a part of its long-term strategy. Sanofi had said it would use the sale proceeds for further business development and to reward shareholders. The transaction is expected to close by March 31, 2020 and the products which are not part of the 'Zentiva portfolio' will continue to remain with the Company, the company said on Tuesday. Meanwhile, the company reported a 38.5 per cent year on year (YoY) growth in profit before exceptional item and tax at Rs 181.2 crore for the December quarter, as against Rs 130.8 crore logged in the year ago quarter. Operational revenue grew 13.7 per cent at Rs 826.3 crore on YoY basis. Besides, in a separate regulatory filing, Sanofi India informed that Thomas Rouckout, non-executive director of the company has stepped down as director of the company. “Thomas Rouckout informed the Company vide his letter dated 25th February 2020 that he has taken up a new role within Sanofi Group and would not be able to spend time on Sanofi business in India,” it added. In the past one month, Sanofi India has outperformed the market by gaining 15 per cent, as compared to a 4 per cent decline in the S&P BSE Sensex.At 09:33 am, the stock partially erased its early morning gains and was trading 3 per cent higher at Rs 7,197 on the BSE. In comparison to the latter the S&P BSE Sensex was down 0.62 per cent at 40,028 points. A combined 56,146 shares have changed hands on the counter on the NSE and BSE so far.