Strides Arcolab has rallied 6% to Rs 738 after the company said it has received shareholders' approval for increasing the foreign institutional investors' (FIIs) investment limit in the company to 74% of the paid up equity share capital of the firm.
“FII's can now invest upto 74% of the paid up equity share capital of the company under the Portfolio Investment Scheme. The current Fll holding in the company is 52%,” Strides Arcolab said in a statement.
As required under the FEMA Regulation, the company has made necessary intimation to the Reserve Bank of India confirming the shareholders' approval for the increased Fll investment limit, it added.
Meanwhile, the stock of pharmaceutical has rallied 25% in past three trading sessions from Rs 589 on July 31, after the company received tentative approval from the US health regulator for anti-AIDS combination drug.
Strides Arcolab said it had received the approval from the United States Food and Drug Administration for its abbreviated new drug application (ANDA) for Tenofovir Disoproxil Fumarate and Emtricitabine tablets in the strengths of 300 mg and 200 mg.
Today, the stock opened at Rs 700 and hit a low of Rs 696 on BSE. A combined 232,795 shares changed hands on the counter so far on BSE and NSE.
“FII's can now invest upto 74% of the paid up equity share capital of the company under the Portfolio Investment Scheme. The current Fll holding in the company is 52%,” Strides Arcolab said in a statement.
As required under the FEMA Regulation, the company has made necessary intimation to the Reserve Bank of India confirming the shareholders' approval for the increased Fll investment limit, it added.
Meanwhile, the stock of pharmaceutical has rallied 25% in past three trading sessions from Rs 589 on July 31, after the company received tentative approval from the US health regulator for anti-AIDS combination drug.
Strides Arcolab said it had received the approval from the United States Food and Drug Administration for its abbreviated new drug application (ANDA) for Tenofovir Disoproxil Fumarate and Emtricitabine tablets in the strengths of 300 mg and 200 mg.
Today, the stock opened at Rs 700 and hit a low of Rs 696 on BSE. A combined 232,795 shares changed hands on the counter so far on BSE and NSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%