Elder Health Care surges on talks of launching skincare products

The stock rallied 16% to Rs 59 on BSE.

Elder Health Care has surged 16% to Rs 59 on BSE on media reports that the company said it is in talks with a Japanese multinational company to introduce its products under the skin care segment into the country.

According to PTI reports, Elder Health Care Managing Director Anuj Saxena told news agency that, “We are planning to introduce products of a Japanese company in India in the skin care category through an in-licensing tie-up. However, I can’t disclose the name as our talks are still on.”

The company has entered into marketing and distribution alliance with a leading South India based ayurvedic company for the launch of its health tonic across Elder’s 300,000 outlets across the country, added report.

Meanwhile, the BSE said that the Exchange has sought clarification from Elder Health Care with respect to news article appearing in Financial Express on December 29, 2014 and the reply is awaited.

The stock opened at Rs 52.50 and hit a high of Rs 59.80 on BSE. Around 3,100 shares changed hands on the counter till 1503 hours as against an average around 1,100 shares that were traded daily in past two weeks on BSE.’