By noon, 12,281 shares changed hands in the counter on BSE.

The stock lost 1.7% on Thursday (19 January) to Rs 401.05, despite results hittting the market during trading on Thursday. A firm market had restricted the fall.

The stock was highly volatile, ahead of the results. After rallying during late December 2005 to early January 2006, the stock had declined sharply. From a recent peak of Rs 437.95 on 5 January 2006, the stock had slipped to Rs 408 by 18 January. Earlier, the stock had surged to Rs 437.95 on 5 January from a low of Rs 400.85 on 28 December 2005.

IPCA reported a net profit of Rs 2.67 crore for Q3 December 2005 - a sharp fall of 88.7% compared to a net profit of Rs 23.77 crore for Q3 December 2004. Net sales declined 5% to Rs 172.72 crore from Rs 181.86 crore.

The company said it had incurred a loss of Rs 4.80 crore in Q3 December 2005 due to foreign exchange fluctuation as against a profit of Rs 8.60 crore on this account in Q3 December 2004.

Moreover, in recent months, IPCA's generics-sale to European markets has been affected by pricing pressures.

A few months back, IPCA acquired the rights, title, interest and goodwill for Isordil brand from Wyeth.

Earlier, IPCA entered into a Joint Venture (JV) agreement with Chongqing Holley Holding company of China. The JV will engage itself in marketing Artemisinin-based Active Pharmaceutical Ingredients (APIs) and its formulations to international institutions, NGOs, government and semi-government bodies across the globe.