Wockhardt jumps 12% on reports of companies' interest in buying select businesses

The exchange has asked the company to clarify the reports. A clarification from the company is awaited.

Nov 18, 2019 08:11 IST India Infoline News Service

Wockhardt
Shares of Wockhardt Ltd. are trading higher by over 12% after media reports said that several pharma companies are in race to buy select divisions of the company.

The exchange has asked the company to verify the news. A clarification from the company is awaited.

Reports said companies such as Cipla, Dr Reddys, and Carlyle were among the key contendors, adding that Wockhardt is expecting a valuation between Rs2,400-2,700cr as the combined valuation for the proposed sale of these business portfolios.

Wockhardt has a diversified product portfolio including therapeutic segments such as cardiology, dermatology, diabetes, respiratory and ophthalmology.

The company posted a consolidated net loss of Rs94.24cr for Q2FY20 vs. a net loss of Rs30.84cr yoy. 

Wockhardt Ltd is currently trading at Rs305.10 up by Rs34.1 or 12.58% from its previous closing of Rs271 on the BSE.

The scrip opened at Rs281.95 and has touched a high and low of Rs307.10 and Rs281.35 respectively. So far 50,85,852 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs3,000.92cr.

 

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