Strides Arcolab up in the green

Trading in Shasun Pharma was suspended as soon as closing bell was struck on 17th Nov. From yesterday, the stock stands suspended and this is as per the scheme of amalgamation with Strides Arcolab. On the last day of trading, Shasun hit a record high at Rs.432.05.

Today is the record date for the purpose of determining the names of the shareholders of Shasun Pharmaceuticals who shall be entitled to shares in Strides Arcolab. Shareholders of Shasun will receive 5 equity shares of Rs 10 each of Strides Arcolab for every 16 equity shares of Rs 2 each held in Shasun Pharma.

If the stock was not suspended, surely the counter would have been streaked a deep hue of red. The company has announced that the Tamil Nadu Pollution Control Board has ordered the closure of Shasun Pharma’s Cuddalore API manufacturing facility, post the fire accident on Monday in which one worker was killed.

The order was issued as the production unit violated the Water and Air Act, a law for the prevention and control of pollution. Shasun informed the BSE of a temporary suspension of production, as directed by the government authorities. The company is working with the authorities to resume operations. The company said the incident will have no material impact on the revenue of the group during this financial year.

Strides Arcolab had hit a new high yesterday at Rs. 1,402.45 though it ended the day 2.5% lower. Today, the stock is up over 1.5% currently at Rs.1367 with an intra day high at Rs.1377.