IOL Chemicals and Pharmaceuticals surges on getting nod to invest $2.1 million in USpharma
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IOL Chemicals and Pharmaceuticals is currently trading at Rs. 379.70, up by 14.95 points or 4.10% from its previous closing of Rs. 364.75 on the BSE.
The scrip opened at Rs. 378.90 and has touched a high and low of Rs. 388.95 and Rs. 377.40 respectively. So far 36883 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 625.00 on 18-Oct-2021 and a 52 week low of Rs. 295.10 on 08-Mar-2022.
Last one week high and low of the scrip stood at Rs. 388.95 and Rs. 361.10 respectively. The current market cap of the company is Rs. 2229.93 crore.
The promoters holding in the company stood at 43.69%, while Institutions and Non-Institutions held 2.54% and 53.77% respectively.
IOL Chemicals and Pharmaceuticals has received approval to invest $2.1 million in USpharma an USA based Company subject to compliance with Foreign Exchange Management (Overseas Investment) Rules, 2022 and Foreign Exchange Management (Overseas Investment) Regulations, 2022. USpharma is an USA based Company that develop novel drug delivery technologies. The Board of Directors in its meeting held on September 22, 2022 has inter alia considered and approved the same.
IOL Chemicals and Pharmaceuticals (IOLCP) is a leading organic chemicals manufacturers and suppliers.
