Elder Pharmaceuticals rose 1.05% to Rs 115 at 9:46 IST on BSE after the company said that the board of Elder International, FZCO - Dubai will put forward the proposal for sale of Elder Pharmaceuticals' step down overseas subsidiaries.
The company made the announcement after market hours yesterday, 28 September 2015.
Meanwhile, the S&P BSE Sensex was down 229.33 points or 0.9% at 25,387.51.
On BSE, so far 74,000 shares were traded in the counter as against average daily volume of 1.05 lakh shares in the past two weeks.
The stock hit a high of Rs 118 and a low of Rs 114 so far during the day. The stock had hit a 52-week high of Rs 190.85 on 29 September 2014. The stock had hit a 52-week low of Rs 66.65 on 10 June 2015.
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Elder Pharmaceuticals said that at the meeting of its board of directors held yesterday, 28 September 2015, regarding the sale of the step down overseas subsidiaries, the matter was discussed by the board and it was deliberated that complying with the legal parameters, the proposal should be put forward before the board of Elder Pharmaceuticals by the board of Elder International, FZCO - Dubai for further consideration and necessary approval.
On consolidated basis, Elder Pharmaceuticals reported net loss of Rs 46.02 crore in Q3 March 2015, lower than net loss of Rs 73.63 crore in Q3 March 2014. Net sales declined 33.5% to Rs 151.30 crore in Q3 March 2015 over Q3 March 2014.
Elder Pharmaceuticals is an integrated pharmaceutical player, headquartered in Mumbai, with a strong presence in the domestic formulation business.
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