Unichem Lab near record high on talks of Torrent Pharma eyeing domestic biz

New Delhi, November 1, 2017: The stock was trading 3% higher at Rs 315, extending its past two days 17% surge on the BSE.

Unichem Laboratories was trading 3% higher at Rs 315, extending its past two days 17% surge on the BSE, as media reports suggest that Torrent Pharma is in advanced talks to buy the company’s domestic business according to  business-standard.com.

The stock of Unichem Laboratories hit a fresh 52-week high of Rs 323 on the BSE in early morning trade. It is trading close to its record high of Rs 334 touched on October 6, 2015 in intra-day trade.

The trading volumes on the counter more than doubled with a combined 837,972 shares changed hands on the BSE and NSE till 12:45 PM.

According to the reports published in business-standard.com the BSE said the exchange has sought clarification from Unichem Laboratories Ltd on October 30, 2017, with reference to news in www.moneycontrol.com dated October 27, 2017 quoting “Torrent Pharma in talks to buy Unichem’s domestic business”. The reply is awaited.

Torrent Pharmaceuticals was up 1% at Rs 1,277, after hitting intra-day high of Rs 1,282 on the BSE business-standard.com further added.