Torrent Pharmaceuticals rose 1.67% to Rs 714.25 at 11:07 IST on BSE after the company said it completed acquisition of Elder Pharmaceuticals' branded domestic formulations business in India and Nepal.
The company made the announcement before trading hours today, 30 June 2014.
Meanwhile, the BSE Sensex was up 274.67 points, or 1.09%, to 25,374.59.
On BSE, so far 4,133 shares were traded in the counter, compared with an average volume of 24,684 shares in the past one quarter.
The stock hit a high of Rs 720 and a low of Rs 710 so far during the day. The stock hit a record high of Rs 722.45 on 26 June 2014. The stock hit a 52-week low of Rs 385.95 on 22 August 2013.
The stock had outperformed the market over the past one month till 27 June 2014, rising 14.98% compared with 2.24% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 29.13% as against Sensex's 12.99% rise.
The large-cap company has an equity capital of Rs 84.61 crore. Face value per share is Rs 5.
Torrent Pharmaceuticals (TPL) said it has completed acquisition of Elder Pharmaceuticals' (Elder) branded domestic formulations business in India and Nepal (India business) on a slump sale basis. This transaction was in pursuance of the business transfer agreement entered into between TPL and Elder on 13 December 2013.
On 13 December 2013, TPL had announced entering into an agreement to acquire Elder's branded domestic formulations business in India and Nepal for about Rs 2000 crore.
Elder India business comprises a portfolio of 30 brands including market leading brands in the women's healthcare, pain management, wound care and nutraceuticals therapeutic segments. The business was sold as a going concern on a slump sale-basis and the transaction also involved the transfer of employees engaged in sales, marketing and operations of the identified India business of Elder. Under the transaction, Elder will continue to manufacture and supply the products at its existing manufacturing facilities for Torrent for a period of three years.
On a consolidated basis, Torrent Pharmaceuticals net profit surged 120% to Rs 244 crore on 41% growth in revenue to Rs 1225 crore in Q4 March 2014 over Q4 March 2013.
Torrent Pharma is the flagship company of the Torrent Group. With many of its products ranking among the top 200 brands, Torrent continues to be at the forefront of the Indian pharmaceutical industry. Torrent has a full equipped Research Center, employing almost 600 scientists, to support the companies operations and product pipeline for both domestic and overseas markets. The Companies manufacturing plants located at Indrad, Baddi & Sikkim have facilities to produce Formulations and Bulk drugs. The plants are approved by authorities from various regulated and semi regulated markets like US, UK, Brazil, Germany, Australia and South Africa.
Powered by Capital Market - Live News
