New Australian JV props up Cadila Healthcare

DALAL STREET SPIKES

The announcement of a new joint venture with an Australian firm boosted Cadila Healthcare stock in Monday's trading.

The company announced of a joint venture with Mayne Group to explore opportunities to construct and operate selected cytotoxic (anticancer) finished products and API manufacturing facilities in India.

A result, the stock was up .16 per cent to close at Rs 515.60, after hitting an intra-day high of Rs 522. The gains were, however, on thinly traded volumes of little over 11,000 shares on the BSE.

Pharma analysts said that a lot of action is expected from the mid-cap pharma companies as a host of them are either exploring the possibility of either raising money in the overseas market.