IPCA Labs on the buzz

IPCA Labs last month had hit a new 52-week high at Rs.744.35 and today the stock is once again showing activity. The stock had closed yesterday at Rs.686 and it opened today at Rs.689.90 and went on to hit an intra day high at Rs.696.

The stock is buzzing on news which it announced yesterday after market closing. The company had issued a Press Release stating that it has entered into an agreement with Avik Pharmaceutical to acquire 50% of its paid-up equity share capital, partly through purchase of equity shares from its existing shareholders and partly through subscription to its fresh equity share capital on a preferential allotment basis, both aggregating to around Rs.6.51 crore. Avik, an unlisted company, it is currently engaged in the development, manufacturing and marketing of Active Pharmaceutical Ingredients (APIs) being Steroids and male & female hormones from its manufacturing facilities situated at Vapi in Gujarat.