Elder Pharma in the red
Shares of Elder Pharma are down close to 3% at Rs 310, with BSE volumes touching 64,000 shares against two-week average of 28,000 shares. Broader indices are trading higher by 1% and CNX Pharma index is down 0.6%.
Company’s Chairman and Managing Director, Mr. Jagdish Saxena, 74, passed away yesterday morning after a prolonged illness. The market probably got a wiff of this development, as shares ended 2% lower yesterday also, at Rs. 317.75, after opening firm at 325. The stock exchanges were informed of the demise after market hours.
This Mumbai-based formulation maker was recently in the news as it was running a mandate to exit its business to either Sanofi or other domestic pharma company, to pare Rs. 1,400 crore debt. For 15 months ended 30th June 2013, this calcium supplement ‘Shelcal’ maker reported sales of Rs. 1,642 crore and net profit of Rs. 82 crore.