Granules India today went to Rs.133.05 , so very close to its 52-week high of Rs.135.85. It is now trading at Rs.132 levels.
The stock went on today reacting to news that it is to sell a stake in its China JV to Hubei Biocause for 109 million Japanese yen.
It has entered into an agreement with Hubei Biocause Heilen Pharmaceutical CO., Limited., Joint Venture Partner for sale of 33,000,000 equity shares of 1 RMB each fully paid-up held by the Company in Granules-Biocause Pharmaceutical Co.
Conclusion of this transaction is subject to fulfillment of certain closing conditions as well as applicable regulatory approvals.
A few days ago, the company was in the spotlight after unconfirmed news came in that the promoters are selling their 43% stake and the company is to be soon acquired by some PE funds.