Indoco Remedies rises on getting nod to purchase land in Mumbai
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Indoco Remedies is currently trading at Rs. 340.00, up by 2.55 points or 0.76% from its previous closing of Rs. 337.45 on the BSE.
The scrip opened at Rs. 349.40 and has touched a high and low of Rs. 349.40 and Rs. 331.45 respectively. So far 2316 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 416.95 on 01-Jan-2024 and a 52 week low of Rs. 307.00 on 26-Apr-2023.
Last one week high and low of the scrip stood at Rs. 351.45 and Rs. 331.00 respectively. The current market cap of the company is Rs. 3069.53 crore.
The promoters holding in the company stood at 58.74%, while Institutions and Non-Institutions held 21.25% and 20.00% respectively.
Indoco Remedies has received an approval to purchase land (which was previously held by the Company on leasehold rights) admeasuring 2,860.75 square meters situated at Mahal Industrial Estate, Taluka Andheri, District Mumbai Suburban from an unrelated third-party seller ‘Saldanha Realty and Infrastructure LLP’ for the expansion plans of the Company. Accordingly, the Company executed the Indenture of Conveyance for the purchase of the aforesaid land. The Committee of Executive Directors at its meeting held on March 12, 2024 has approved the same.
Indoco Remedies is engaged in the manufacturing and marketing of formulations (finished dosage forms) and active pharmaceutical ingredients (APIs) in India.
