Zenotech Labs hits the roof again

Zenotech Laboratories has been breaching the upper circuit for a couple of days now and today too, it hit the 5% upper circuit at Rs.23.30, with an over one time rise in volumes.

The stock has been hitting the roof consistently as news was expected to come from Sun Pharma on the open offer and it did come on 11^th.  Sun has made an open offer to buy  28.1% stake or 96 lakh shares in Zenotech, worth Rs.18.4 crore.  The offer is made at Rs.19/share.

This open offer in Zenotech comes in the wake of Sun taking over Ranbaxy – as at 31^st March 2014, Ranbaxy held 46.79% stake in Zenotech.