In a lacklustre market, the company's scrip on the Bombay Stock Exchange (BSE) has also appreciated by 35 per cent during the last one month, going up from Rs 117 on June 23 to its Wednesday's high of Rs 158 but dropped sharply to Rs 145 on Thursday with a 100-point fall in the market. The daily trading volumes have risen from 200-500 to 4500 shares.

On an enhanced equity of Rs 15.63 crore, the annualised earings per share of this Reddy's group company works out to Rs 3.23. This is a substantial improvement over Re 1 reported during Q1 of fiscal 1998. The company's equity went up to Rs 15.63 crore from the earlier Rs 13.63 crore after the Hyderabad-basedcompany made a preferential allotment of 20 lakh equity shares to Schein Pharmaceuticals Inc of US in February 1998.

During Q1 of fiscal 1999, despite a fall in its domestic sales by 24 per cent to Rs 12.80 crore against Rs 16.75 crore during the corresponding period of fiscal 1998, Cheminor Drugs' total sales went up by 27.8 per cent to Rs 41.95 crore (Rs 32.82 crore). The company's export turnover went up by Rs 13.04 crore to Rs 29.14 crore (Rs 16.07 crore). The rise in total income was further aided by a substantial increase in other income to Rs 1.12 crore over the previous year's Rs 9.26 lakh. The rise in exports and other income more than offset the fall in domestic sales.

With interest outgo during the period under consideration rising by 73.6 per cent to Rs 4.91 crore (Rs 2.83 crore), Cheminor Drugs' gross profit went up by 79.5 per cent to Rs 4.15 crore. The company's depreciation provisions rose by 46 per cent to Rs 2.85 crore (Rs 1.95 crore).