AstraZeneca Pharma India
has rallied 6% to Rs 843 in early noon deals on BSE ahead of its board meeting today to consider a “Strategy Plan” for the company.
“A special meeting of the board of directors of the company will be held on May 06, to consider the 'Strategy Plan' for the company,” AstraZeneca Pharma India said in a regulatory filing.
On March 5, the company informed the exchanges that the promoter shareholder of the company — AstraZeneca Pharmaceuticals AB Sweden — had notified its decision to reduce its shareholding in the company in order to comply with the requirement of minimum public shareholding norms.
As per the norms stipulated by Sebi, privately promoted companies are expected to have public shareholding at 25% by June 2013.
As of March 31, the promoters held a 90% stake in the company. FIIs held 0.01% stake, while the remaining holdings are with non institutional investors and bodies corporate.
Meanwhile, the stock has rallied 13.3% in past two trading sessions compared to 0.54% fall in benchmark Sensex, after the pharmaceutical company said its net losses almost halved to Rs 18.58 crore for the quarter ended March 2013 due to lower staff cost. The company had loss of Rs 33.01 crore in a year ago quarter.
The stock opened at Rs 810 and hit a high of Rs 849 on NSE. A combined around 187,000 shares changed hands on the counter till 1119 hours on NSE and BSE.