Morepen Laboratories jumps on carving out Medical Devices into subsidiary
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Morepen Laboratories is currently trading at Rs. 56.95, up by 0.90 points or 1.61% from its previous closing of Rs. 56.05 on the BSE.
The scrip opened at Rs. 55.75 and has touched a high and low of Rs. 57.80 and Rs. 55.75 respectively. So far 115197 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 75.00 on 06-Jul-2021 and a 52 week low of Rs. 22.65 on 30-Sep-2020.
Last one week high and low of the scrip stood at Rs. 59.50 and Rs. 55.55 respectively. The current market cap of the company is Rs. 2555.01 crore.
The promoters holding in the company stood at 34.54%, while Institutions and Non-Institutions held 2.73% and 62.73% respectively.
Morepen Laboratories has carved out its point of care (POC) Medical Devices business into a newly incorporated wholly owned subsidiary, Morepen Devices. The shareholders have given their approval for the same on September 28, 2021 in the 36th Annual General Meeting (AGM) of the company. The transfer of the business would happen as per terms of the Business Transfer Agreement to be signed between both the companies.
The Medical Devices (POC) business of the company has been delivering exponential growth for past many years and has achieved a leadership position in the market. A stupendous growth of 71% was recorded in the previous financial year ending March 2021. The growth trends are being continued in Q1 FY22 wherein POC business recorded a spectacular growth of 187%.
Morepen Laboratories is a well-known pharma company having well equipped Research & Development Centre and is all set to seize the Generic revolution in pharma industry, by filing multiple DMFs and COS for new APIs.
