Hester Biosciences Ltd (BSE:524669, NSE: HESTERBIO) has gained in morning trade on improved FY 18 results but fell back from a high of Rs 1680 to 1582 at NSE. The company reported a net sales fo Rs 136.40 cr as against Rs125 .40 cr cr the previous year while net profit rose to Rs 23.06 cr as agasint Rs 22.78 cr the previous year.
Total expenses has risen to Rs 28.36 cr. The animal and poultry business division had encouracing growth last year with PPR and Brucella vaccines performing well. The company had completed world’s biggest backyard poultry immunization program in Chattisgarh, Jharkhand and Odisha.
The scrip is trading at a PE of 49.2 indicative of higher valuation by the market. On technical charts, Hester has witnessed a bearish crossover while ADX of 15 indicates range bound trade and RSI of 47.27 indicates bearishness.
BSE Sensex is flat at 35,537.61 while Nifty is at 10,803.75 in noon trade.