Ajanta Pharma hits new high on stake hikes by promoter

Ajanta Pharma has rallied over 5% to Rs 712, its lifetime high, after the promoter acquired almost 1% stake in the company through open market purchases.

Gabs Investments Pvt Ltd, one of its promoters has acquired 115,431 shares representing 0.98% stake in the company via creeping acquisition route since April, according to disclosure made by the company on Monday.

The promoters hiked their stake by 3.31% to 70.13% in the last financial year ended March 2012.

Meanwhile, the stock has outperforming the market by gaining 32%, compared with 3.6% fall in the benchmark index, after reporting 52% year-on-year growth in net profit at Rs 77 crore for the quarter ended March 2012.

The company’s board of directors have recommended a dividend @ Rs 7.50 per share for the financial year 2011-12 and also splitting of its equity share of Rs 10 each in to 2 equity shares of Rs 5 each.

A combined 95,687 shares have changed hands on the counter so far on both the exchanges.