Elder Pharma rises on pact with Japanese firm for cosmetics
The company will form a JV company with Kose Corporation to manufacture and market cosmetic products for Indian market.
Elder Pharmaceuticals has rallied almost 5% to Rs 335 after the company said that it will form a joint venture (JV) company with the Japanese cosmetics major, Kose Corporation to manufacture and market cosmetic products for Indian market.
“As per the terms of agreement, Kose will hold 60% share in the JV Company, KOSE Elder (India) Private Limited and focus on the Indian market for manufacturing and selling cosmetics in India. Elder will hold 40% stake in the proposed JV,” Elder Pharmaceuticals said in a statement.
The stock opened at Rs 328 and touched high of Rs 340 on NSE. A combined 40,492 shares have changed hands on the counter till 0938 hours against an average 14,000 shares that were traded daily in past ten trading sessions on NSE and BSE.
“As per the terms of agreement, Kose will hold 60% share in the JV Company, KOSE Elder (India) Private Limited and focus on the Indian market for manufacturing and selling cosmetics in India. Elder will hold 40% stake in the proposed JV,” Elder Pharmaceuticals said in a statement.
The stock opened at Rs 328 and touched high of Rs 340 on NSE. A combined 40,492 shares have changed hands on the counter till 0938 hours against an average 14,000 shares that were traded daily in past ten trading sessions on NSE and BSE.