Elder Pharma jumps as board considers sale of overseas subsidiaries

Shares of Elder Pharmaceuticals have surged over 13% at Rs 114 on the BSE after the company scheduled a board meeting on 28 September 2015 to consider the proposal for sale of step down overseas subsidiaries.

On BSE, so far 1.96 lakh shares were traded in the counter as against average daily volume of 93,695 shares in the past one quarter.

The stock hit a high of Rs 117.40 and a low of Rs 106.90 so far during the day. The stock had hit a 52-week high of Rs 204.80 on 23 September 2014. The stock had hit a 52-week low of Rs 66.65 on 10 June 2015.

The small-cap company has equity capital of Rs 20.54 crore. Face value per share is Rs 10.

Elder Pharmaceuticals is an integrated pharmaceutical player, headquartered in Mumbai, with a strong presence in the domestic formulation business.