Rallis India divests from Advinus, stock slips

India Infoline News Service | Mumbai | July 21, 2017 12:11 IST

Rallis India slipped 1.3% at Rs 238.80 per share on BSE as the company on Thursday along with the shareholders of Advinus Therapeutics Ltd has decided to demonetize its investments in Advinus.

Rallis India slipped 1.3% at Rs 238.80 per share on BSE as the company on Thursday along with the shareholders of Advinus Therapeutics Ltd has decided to demonetize its investments in Advinus.

The sale of contract research business for which the company has signed an agreement for the disinvestment of its shares in Advinus to Eurofins Pharma Services Lux Holdings SARL.

The consideration amount for the disinvestment stood at 17.32 crore.

As a part of the above transaction, the drug discovery business of Advinus is being transferred to Impetis Biosciences Ltd. The company will acquire the share s for a consideration of nearly Rs 3.5 crore.  

The stock on NSE attracted a traded volume of 1,72,011shares and a traded value of Rs 410.09 lakh.

Stock view:

Rallis India Ltd is currently trading at Rs 239.3, down by Rs 2.65 or 1.1% from its previous closing of Rs 241.95 on the BSE.
 
The scrip opened at Rs 240.6 and has touched a high and low of Rs 241.8 and Rs 236 respectively. So far 215052(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 4705.17 crore.
 
The BSE group 'A' stock of face value Rs 1 has touched a 52 week high of Rs 264.6 on 31-Mar-2017 and a 52 week low of Rs 180.25 on 22-Nov-2016. Last one week high and low of the scrip stood at Rs 251.05 and Rs 238 respectively.
 
The promoters holding in the company stood at 50.09 % while Institutions and Non-Institutions held 17.99 % and 31.92 % respectively.
 
The stock is currently trading below its 100 DMA. 

***Note: This is a NSE Chart

Disclaimer: The contents herein is specifically prepared by ‘Dalal Street Investment Journal’, and is for your information & personal consumption only. India Infoline Limited or Dalal Street Investment Journal do not guarantee the accuracy, correctness, completeness or reliability of information contained herein and shall not be held responsible.

 

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