Strides Arcolab touches fresh 52-week high
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Ahmedabad-based Zydus Cadila is in early stages of discussions to get hold of Bangalore-based Strides Arcolab's Rs 70-crore domestic generic biz.
Strides' Indian generic biz, which has a variety of antibiotic and nutraceutical products, will aid Zydus get a broader market access in a highly cutthroat section.
The India biz is a small part of Strides' overall pharma business, which registered after tax income of Rs 518 crore and also has businesses in Latin America and rising market regions.
When met the officials, Strides refused any such news, whereas Zydus Cadila did not reply to an e-mail query.
Mr. Arun Kumar, CEO, Strides Arcolab stated, We wish to clarify that Strides is not in discussion with anybody concerning sale of its Indian branded business.
The Indian generics biz is a vital part of Strides' future policy and the firm continues to make investment in its growth.
The shares of Strides Arcolab hit a novel 52-week peak of Rs 709.90 on May 09.
At 09:47 a.m., the share was ruling at Rs 700 after surging 0.75%.
The stock made 18% in last one month whereas rallied 109% in nine months.
The stock looks good for medium or long term investment.
The investors can buy the stock on declines.