Elder Pharmaceuticals has soared 14% to Rs 262 on back of heavy volumes on the bourses. The stock opened at Rs 234 and hit a low of Rs 229 on the BSE.
Till 1100 hours, a combined 2.15 million shares representing 10.5% of total equity capital of the company have already changed hands on the counter against an average less than 500,000 shares that were traded daily in past two weeks on the BSE and NSE.
Meanwhile, shares of the pharmaceutical firm has recoup almost half its losses made in past twelve trading sessions after the company sold its domestic formulations business in India and Nepal, to Torrent Pharmaceuticals for Rs 2,004 crore. The stock had tanked nearly 30% from Rs 325 on December 12 to Rs 230 on Tuesday.
After Torrent Pharmaceuticals acquisition deal, Elder Pharmaceuticals plans to concentrate and build on its domestic business of anti-infectives, strengthen in-licence portfolio and grow its business in the UK and in Europe. It is also exploring the possibility of entering new therapeutic areas, the PTI report suggests.
Elder Pharmaceutical expects an increase in its consolidated revenues and to re-structure and re-strategies brands and people, added report.
Till 1100 hours, a combined 2.15 million shares representing 10.5% of total equity capital of the company have already changed hands on the counter against an average less than 500,000 shares that were traded daily in past two weeks on the BSE and NSE.
Meanwhile, shares of the pharmaceutical firm has recoup almost half its losses made in past twelve trading sessions after the company sold its domestic formulations business in India and Nepal, to Torrent Pharmaceuticals for Rs 2,004 crore. The stock had tanked nearly 30% from Rs 325 on December 12 to Rs 230 on Tuesday.
After Torrent Pharmaceuticals acquisition deal, Elder Pharmaceuticals plans to concentrate and build on its domestic business of anti-infectives, strengthen in-licence portfolio and grow its business in the UK and in Europe. It is also exploring the possibility of entering new therapeutic areas, the PTI report suggests.
Elder Pharmaceutical expects an increase in its consolidated revenues and to re-structure and re-strategies brands and people, added report.
