Shares of Strides Arcolab were up nearly 5% at Rs 973 after the company said its wholly-owned subsidiary Stelis Biopharma will commence construction of its biologics facility in Malaysia.
Stelis Biopharma announced the ground-breaking for construction of its Biologics facility at Bio-Xcell Biotechnology Park in Nusajaya, Johor, Malaysia's park and ecosystem for industrial and healthcare biotechnology, the company said in release.
Stelis Biopharma had previously announced the signing of a Build and Lease agreement with Bio-XCell for the construction of the building and part of the equipment of Stelis Biopharma's 140,000 sq. feet facility, for a total project investment amount of RM201 million. ($60 million or around Rs 360 crore), the release added.
The stock opened at Rs 933 and touched a high of Rs 985 on the BSE. At 11AM, over 1.1 million shares were traded on both the stock exchanges.
