Shares of Morepen Laboratories, on Monday, were locked in 5 per cent upper circuit at Rs 68.65 on the BSE, hitting a 19-year high in an otherwise weak market. The pharmaceutical company s stock is trading at its highest level since May 2002, the BSE data shows.
Till 12:15 pm, a combined 8.2 million equity shares had changed hands and there were pending buy orders for 2.75 million shares on the NSE and BSE. In comparison, the S&P BSE Sensex was down 0.62 per cent at 48,481 points. In the past one month, the market price of Morepen Laboratories has zoomed 101 per cent, as compared to 3 per cent decline n the S&P BSE Sensex.
Nifty, Sensex may move sideways – Weekly closing report
Moneylife Digital Team
30 April 2021
We had mentioned in previous week’s closing report that Nifty, Sensex may try to head higher. The major indices rallied this week and ended with major gains. The trend of the major indices in the week is given in the table:
On Monday, the indices opened high and ended with major gains. On the NSE, there were 1,277 advances, 662 declines and 101 unchanged.
ICICI Bank reported standalone profit at Rs 4,402.61 crore for the March 2021 quarter compared Rs 1,221.4 crore YoY. Net interest income grew by 16.9% YoY to Rs 10,431.13 crore.
HDFC Life Insurance posted 2.3% YoY rise in its March quarter consolidated net profit at Rs 319.06 crore. New premium collections were Rs 434.47 crore as against Rs 298.40 crore in the year-ago period.
Shares of Morepen Laboratories extended their winning run to the second day in a row and jumped nearly 8 per cent to hit a fresh 52-week high on the BSE in Thursday s session after the company board approved raising Rs 433 crore via issuance of shares on a preferential basis.
So far in the two trading sessions, the scrip has gained 17 per cent. The stock of the smallcap pharma firm hit a fresh 52-week high of Rs 59.45 on the BSE today. At 10.55 am, it was trading 2.90 per cent higher at Rs 56.80 as against a decline of 0.31 per cent in the BSE Sensex at the same time.
Swiss firm Corinth to invest $100 mn in Morepen
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Morepen Group has announced an investment of $100 million (₹750 crore) from private investment entity Corinth Group of Switzerland, out of which $32.50 million will come to Morepen Laboratories Ltd.
Following shareholder and regulatory approvals, Corinth would be allotted 58.50 million new equity shares on a preferential basis. This shareholding would equate to 9.41% equity stake in the company.
As per board approval, the promoter group will be allotted 50 million fresh equity shares at a price determined by SEBI pricing formula for preferential issuances, in lieu of the 98.50 million unsubscribed warrants issued in the last financial year which lapsed due to technical reasons.
Morepen Laboratories share rose for the second consecutive session to hit fresh 52-week high today after the company board approved raising Rs 433 crore via issuance of shares on a preferential basis. Morepen Laboratories stock hit fresh high of Rs 60.7,