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This is an archive article published on August 30, 2012

Orchid Chemicals up over 5 per cent

The company's shares surged after it said it will sell assets including pharmaceutical ingredients business.

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Orchid Chemicals amp; Pharmaceuticals scrip today surged over 5 per cent after the company said it will sell various assets including active pharmaceutical ingredients business and one Ramp;D facility to the US-based Hospira Inc for USD 200 million nearly Rs 1,112 crore.

Bucking a weak stock market,shares of the company started the trade on a strong note and further gained 5.41 per cent to Rs 117.80 on the BSE.

At the NSE,the stock climbed 5.36 per cent to Rs 117.80.

In terms of volume,7.34 lakh shares of the company changed hands on the BSE,while more than 26 lakh shares were traded on the NSE.

The firm8217;s business transfer agreement BTA with Hospira includes sale and transfer of Aurangabad API facility,an associated Chennai based-Ramp;D facility and Penicillin and Penem API business.

8220;The proceeds from this business transfer will be utilised for de-leveraging Orchid8217;s debt position and also pave the entry for the company8217;s foray into newer product verticals,8221; Orchid Chemicals had said in a statement yesterday.

The BSE benchmark Sensex was trading at 17,392.02,down 98.79 points at 1030 hrs.

 

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