Orchid soars 16.5

Orchid Chemicals 038; Pharmaceuticals continues to be in the limelight. The scrip clocked the highest turnover of Rs 453.41 crore on the BSE on Tuesday and closed 16.5 per cent higher at Rs 288 following reports that the company is facing an open offer by Solrex. Solrex had acquired another 3.32 per cent stake in Orchid and its holding has now gone up to 14.72 per cent. It is inches away from the 14.99 per cent trigger point for an open offer under the Sebi takeover rules.