Zenotech Lab gains 2% after open offer 'fair'

The company informed BSE that a committee of independent directors formed by Zenotech Laboratories has termed Sun Pharma's open offer to buy little over 28 percent stake in the company for around Rs. 20.23 crore as 'fair and reasonable'.

Jun 26, 2015 04:06 IST India Infoline News Service

Zenotech Laboratories was locked at the 2 percent upper circuit at Rs. 35.70, after the company informed BSE that a committee of independent directors formed by Zenotech Laboratories has termed Sun Pharma's open offer to buy little over 28 percent stake in the company for around Rs. 20.23 crore as 'fair and reasonable'.

The stock hit a high of Rs. 35.70 and low of Rs. 35 on BSE today. The total traded quantity was 0.37 lakh shares and two-week average quantity is 3,204 lakh.

On Friday, the BSE benchmark index, the Sensex, opened wee bit in red at 27,881. The BSE index rebounded into the positive zone and touched a high of 27,922, only to fall back on the steeper note. The index cracked to a low of 27,675 - down 247 points in intra-day deals owing to weakness in select index heavyweights like - HDFC, ITC and Larsen & Toubro. Select banking, metal and infra stocks also traded on a slippery note.

The BSE benchmark, however, recouped losses in noon deals on the back of renewed buying interest in IT shares after consulting and outsourcing firm Accenture raised its full-year revenue guidance for the third time on continued strong demand.  The Sensex finally ended with a loss of 84 points at 27,812.

The NSE Nifty slipped to a low of 8,340, before rebounding into the positive zone for a brief while in noon deals. The Nifty eventually settled with a loss of 17 points at 8,381.

The India VIX (Volatility) index was down a percent at 15.76.

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