Sanofi India Shares Hit All-Time High After Announcing Rs 349 Dividend Per Share

Shares of Sanofi India jumped 9 percent to an all-time high of Rs 7,640 after declaring results for the December-ended quarter. The pharmaceutical company also announced a total dividend of Rs 349 per share on Wednesday.

"Recommendation for payment of final dividend of Rs. 106 per equity share Rs. 10 each and one-time special dividend of Rs. 243 per equity share Rs. 10 each for the year ended December 31, 2019. The total dividend recommended is Rs. 349 per equity share Rs. 10 each for the year ended December 31, 2019," the company said in its stock exchange filing.

The dividend will be paid to the shareholders after receiving approval at its Annual General Meeting on 28 April. "The final as well as one-time special dividend, if approved by the shareholders will be paid on or after May 05, 2020," the filing said.

On Wednesday, Sanofi India reported a 38.5 percent increase in profit before exceptional item and tax at Rs 181.2 crore for the December quarter against Rs 130.8 crore in the same period a year ago.

In September 2019, the drugmaker had sold its Ankleshwar manufacturing plant, as a part of its long-term strategy, to European pharmaceutical company Zentiva for Rs 261 crore.

Sanofi had said that the proceeds from the sale would be used for business development and partly to reward its shareholders.

After the sale of the plant, shares of Sanofi India have significant risen in value by as much as 15 percent.