Ajanta Pharma zooms to new high

Ajanta Pharma engaged in development, manufacture and marketing of pharmaceutical formulations worldwide. In India, it has a presence in the specialty therapeutic segments of Cardiology, Dermatology, Ophthalmology and Pain management.

The stock is in the limelight since today morning, hitting a new high at Rs.3214 and volumes are also pretty robust at 11,000 shares compared to some 7000-odd shares on a two-week average. Volumes are thin as the floating stock is pretty less – promoters hold 73.83% stake, FIIs hold 7.31% and DIIs hold 1.45%. , leaving some 17% floating stock.

The company, announced yesterday after market closure, that it has fixed Record Date as March 23, 2015 for the purpose of sub-division of equity shares from face-value of Rs. 5/- each to face-value of Rs. 2/- each.  A stock split is always greeted by the market with a lot of gusto as it means more floating stock and increased trading.