Mumbai, February 23: The German Remedies scrip witnessed major activity on the bourses on Monday in anticipation of a bonus issue backed by a robust performance by the company for the full year. Industry analysts said that the company's scrip moved up by five per cent on the Bombay Stock Exchange on expectations of a 1:1 bonus and a profit of about Rs 17-18 crore for the full year.The German Remedies scrip opened on a strong note at Rs 294 on the BSE, and continued to trade higher in the band of Rs 289 to Rs 304, the intra-day low and high respectively, before closing at Rs 303.50, registering a gain of 5.56 per cent over Friday's close. The scrip registered a huge volume of 73,450 shares. On the NSE, the stock closed at the day's high of Rs 301.80.
Market sources add that the collaborators of the company may hike their holding in the company, which added to the rise in the scrip price. Key German collaborator, Asta Medica AG, had recently bought out the entire shareholding of co-collaborator, NordmarkARzneimittel GmbH Uetersen, and half the shareholding of Beecham Pharma GmbH at 2.3103 per cent, taking its holding in the company to 6.9281 per cent.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
