Indoco Remedies skyrockets 8% on incorporation of new subsidiary in UK

16 Feb 2022 , 03:30 PM

Indoco Remedies Limited stock was in demand on Wednesday after the company incorporated a wholly-owned subsidiary company ‘Indoco Remedies UK Ltd on Wednesday for selling and distribution of Pharmaceutical Formulations in the United Kingdom.

Indoco Remedies UK Limited is incorporated in the UK under the Companies Act, 2006 and registered with the Registrar of Companies for England and Wales. The Company is yet to commence its business operations.

Towards close of trade on Wednesday, Indoco Remedies Ltd was trading at Rs375.55 per share up by Rs28.3 or 8.15% from its previous closing of Rs347.25 per share on the BSE.

The scrip opened at Rs352 and has touched a high and low of Rs379 and Rs349 respectively.