Granules India gains after stake sale in JV

Granules India rose 1.27% to Rs 103.90 after the company said it entered into an agreement for sale of its stake in the joint venture company.

Granules India said has entered into an agreement with S.A. Ajinomoto Omnichem N.V., joint venture partner, for sale of 4.28 crore equity shares held by the company in Granules OmniChem for a consideration of Rs 109.85 crore. Conclusion of this transaction is subject to fulfillment of certain closing conditions as well as customary government approvals.

Meanwhile, the S&P BSE Sensex was down 272 points or 0.73% to 37,113.16.

On the BSE, 20150 shares were traded in the counter so far compared with average daily volumes of 43526 shares in the past one quarter. The stock hit a high of Rs 104.3 and a low of Rs 101.4 so far during the day.

The stock hit a 52-week high of Rs 121.25 on 18 Sep 2018. The stock hit a 52-week low of Rs 79 on 10 Dec 2018.

On a consolidated basis, the company's net profit rose 60.7% to Rs 83.24 crore on a 31.3% increase in net sales to Rs 595.27 crore in Q1 June 2019 over Q1 June 2018.

Granules India is a pharmaceutical manufacturing company.

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