Elder Pharma rises, again
Elder Pharma is back in the news and the news remains the same despite persistent denials issued by the company. The stock is in the limelight on news that it is very close to selling its Indian formulation business at US$400-450 million and grapevine has it that the arm of Sanofi is touted to be ahead in the race and might acquire the unit.
We had the same rumour on 11th June and the company had issued a clarification and then it resurfaced on 26th June and once again the company had issued a clarification, denying the news. Today, the same news is back and one wonders how come the same news can come up again and again while the company continues to deny this. It would be interesting to see whether the company issues a clarification yet again, for the thirds time within a month.
The stock is currently up over 3% at Rs.348 and it had hit an intra day high at Rs.354.50. Its market cap stands at Rs.714 crore.