Lyka Labs is making some buzz for the past few days, hitting UCs and new highs. Today, the stock, which had closed yesterday at Rs.129.15, opened itself at its 5% UC of the day at Rs.135.60, a new high again. On the other hand, Ipca went down 2% but recouped a bit and is now trading 0.5% in the green at Rs.2066 levels.
The stock has been in the news ever since IPCA started acquiring shares of the company. The board of Ipca approved the acquisition of 26.574% of the paid-up share capital of Lyka Labs. It has entered into a joint management control agreement with the promoters of Lyka Labs.
Ipca said it has acquired 26.574% shareholding of Lyka from secondary market for Rs. 97.89 crore.
Acquisition of shareholding in Lyka Labs will enable Ipca to enter into lucrative lyophilized injectables business in India and rest of world markets.