Indoco Remedies acquires Manufacturing plant at Baddi

India Infoline News Service | Mumbai | September 21, 201611:42 IST

With this acquisition, Indoco will now have 6 facilities for finished dosages and 3 for APIs.

Indoco Remedies has acquired the manufacturing facility located at Baddi of Micro Labs Ltd., (a Bangalore based company)

The facility is spread over an area of 18,000, out of which 11, the built-up area. It produces 4.3 billion tablets and 50 million capsules p.a.

The acquired manufacturing site is close to Indoco's existing manufacturing plant in Baddi, Himachal Pradesh. Baddi will thus be another manufacturing hub for Indoco's solid dosages business in the regulated markets.

With this acquisition, Indoco will now have 6 facilities for finished dosages and 3 for APIs. Out of these, 3 facilities for finished dosages, including sterile plant and 2 facilities for API manufacturing are USFDA approved.

Indoco Remedies Ltd is currently trading at Rs. 343.85, up by Rs. 14.4 or 4.37% from its previous closing of Rs. 329.45 on the BSE.

The scrip opened at Rs. 330 and has touched a high and low of Rs. 347 and Rs. 329 respectively. So far 52973(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 3035.89 crore.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 360.35 on 07-Sep-2016 and a 52 week low of Rs. 244 on 25-Feb-2016. Last one week high and low of the scrip stood at Rs. 331 and Rs. 310 respectively.

The promoters holding in the company stood at 59.24 % while Institutions and Non-Institutions held 20.71 % and 20.05 % respectively.

The stock is currently trading above its 50 DMA.

***Note: This is a NSE Chart



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