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      Elder Pharma up on 'buy' report

      Posted AtSify.com

      Elder Pharmaceuticals shot up by 4.14 per cent (Rs 10.85) on Wednesday to close at Rs 273 on the BSE. It touched 52-week high of Rs 275 on intra-day. On the NSE, it touched 52-week high of Rs 275.50.Traders said a leading brokerage has come out with a `buy' recommendation on the stock, which resulted in the spike.

      Elder Pharmaceuticals, which is into the manufacturing and marketing of a wide range of pharmaceutical products, has exclusive licensing agreements with over 25 international pharmaceutical companies to market their formulations in India. The company also manufactures active pharmaceutical ingredients (API) for both sale and captive consumption. Angelini, among the top five pharmaceutical companies in Italy, recently acquired a 10.3-per cent stake in Elder, aiming at a long-term outsourcing deal comprising contract manufacturing to India. Volumes on the BSE were about 3.28 lakh shares, compared to the two-week average of 82,189 shares. On the NSE, volumes were about 3.87 lakh shares.

      January 05, 2006


       

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