US-based fund picks stake in Orchid Chemicals

Alpine Global Premier Properties Fund (the Fund), a diversified, closed-end management investment company, today bought around 426,000 shares in Chennai-based Orchid Chemicals & Pharmaceuticals Ltd. It may be noted in the last eights months FII’s investment into the company growing at around 6 per cent.

According to NSE bulk dealing data the fund picked up 426,000 shares at Rs 304.79 a share. Total value of this investment estimated to be around Rs 13 crore.

Ch Ram, spokesperson Orchid Chemicals & Pharmaceuticals Ltd said in the last eight months FIIs holding the company has increased to 12-13 per cent from five per cent.

 

“Our performance have attracted the investors,” he said. The company expects around 20-25 per cent growth in the next 2-3 years.

Orchid Chemicals and Pharmaceuticals has a net profit of Rs 56.62 crore during the third quarter of present fiscal as compared to a loss of Rs 18.91 crore, a year ago. Company’s consolidated turnover and operating income was at Rs 478.5 crore for the quarter-ended December 31, 2010 compared to Rs 360.45 crore, a year ago, an increase of 33 per cent.