Morepen Laboratories zooms after its arm gets nod to form new subsidiary company
Morepen Laboratories is currently trading at Rs. 51.97, up by 2.07 points or 4.15% from its previous closing of Rs. 49.90 on the BSE.
The scrip opened at Rs. 49.51 and has touched a high and low of Rs. 52.28 and Rs. 49.00 respectively. So far 190469 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 100.80 on 10-Sep-2024 and a 52 week low of Rs. 38.56 on 13-Mar-2024.
Last one week high and low of the scrip stood at Rs. 57.16 and Rs. 49.00 respectively. The current market cap of the company is Rs. 2845.52 crore.
The promoters holding in the company stood at 35.65%, while Institutions and Non-Institutions held 3.87% and 60.47% respectively.
Morepen Laboratories’ wholly owned subsidiary -- Dr. Morepen (DML) has received approval from Board of Directors for the formation of a new subsidiary company on February 19, 2025. The proposed entity will be named ‘Quick Med’ or any other name as approved by the Central Registration Centre, Ministry of Corporate Affairs (Proposed Company).
Upon incorporation, the proposed company will become a step-down subsidiary of Morepen Laboratories. The proposed new company will operate in the pharmaceutical sector, specializing in the 'Online Retail Pharmacy' business.
Morepen Laboratories is engaged in the manufacturing and sale of APis/ Bulk Drugs, Home Diagnostics, Formulations and OTC products.
