Laurus Labs gains on acquiring 26% stake in Ethan Energy

Laurus Labs rose 1.03% to Rs 454 after the company said it will purchase 26% stake in Ethan Energy India at Rs 52.70 per share.

Laurus Labs entered into share subscription agreement and shareholders' agreement on 23 November 2022, to purchase 7.40 lakh equity shares of face value of Rs 10 each at a premium of Rs 42.70, equivalent to 26% of the paid up capital of Ethan Energy India.

This will enable Laurus Labs to consume 100% of the solar energy to be supplied by Ethan Energy India from their 10 MW solar energy plant.

Laurus Labs to offers a broad and integrated portfolio of Active Pharma Ingredients (API) including intermediates, Generic Finished dosage forms (FDF) and Contract Research services to cater to the needs of the global pharmaceutical industry.

On consolidated basis, the company's net profit rose 15.3% to Rs 232.81 crore on 30.9% jump in net sales to Rs 1,575.89 crore in Q2 FY23 over Q2 FY22.

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