Morepen Laboratories jumps 6%; in talks to sell its OTC business

India Infoline News Service | Mumbai | September 23, 201609:45 IST

The company is in talks with Ajay Piramal Group to sell its OTC (over-the-counter) business of market leading brands such as Burnol as it plans to monetise some of its mainstream brands when larger rivals look to expand their consumer product portfolio.

Morepen Laboratories Ltd is currently trading at Rs. 26.3, up by Rs. 1.5 or 6.05% from its previous closing of Rs. 24.8 on the BSE. The company is in talks with Ajay Piramal Group to sell its OTC (over-the-counter) business of market leading brands such as Burnol as it plans to monetise some of its mainstream brands when larger rivals look to expand their consumer product portfolio, as per media reports.

The scrip opened at Rs. 26.7 and has touched a high and low of Rs. 27.25 and Rs. 26.1 respectively. So far 4435713 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 1115.63 crore.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 41.8 on 05-Jan-2016 and a 52 week low of Rs. 13.14 on 23-Sep-2015. Last one week high and low of the scrip stood at Rs. 25 and Rs. 23.2 respectively.

The promoters holding in the company stood at 34.54 % while Institutions and Non-Institutions held 19.5 % and 45.96 % respectively.

The stock is currently trading above its 200 DMA.

***Note: This is a NSE Chart

 

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