FDC soars on promoter stake sale report

The Chandavarkar family, the promoters of pharma firm FDC, plan to sell their 67% stake in the company,report.

FDC has soared 13% to Rs 100 on back of heavy volumes on report that the promoters of pharmaceutical company plan to sell majority of their stake in the company.

The stock has opened at Rs 95.40 and hit a 52-week high of Rs 104.40 on the NSE. A combined 2.58 million shares have already changed hands on the counter in morning deals against an average sub 100,000 shares that were traded daily in past two weeks on both the exchanges.

“The Chandavarkar family, the promoters of pharma firm FDC, plan to sell their 67% stake in the company,” the Economic Times report suggests.

 

FDC makes the popular brand Electral and had total revenues of Rs 700 crore and net profit of Rs 133 crore for the year ended March 2012.