Ind-Swift Lab zooms 83% in seven trading days on debt settlement hope

The stock is trading at its 52-week high of Rs 67.30, zooming 83% in past seven trading sessions from Rs 36.80 on December 14, 2017.

Ind-Swift Laboratories is locked in upper circuit for the second straight day, up 10% at Rs 67.30, extending its six-session rally of over 60% on hopes of debt settlement.

The stock is trading at its 52-week high, zooming 83% in past seven trading sessions from Rs 36.80 on December 14, 2017. On comparison, the S&P BSE Sensex was up 2% during the same period.

The pharmaceutical company today said the company is in process of settlement of its debt through restructuring or OTS (one-time-settlement).

“We are at an advanced stage of the settlement with the Banks and Financial institutions with the help and assistance of the Asset Reconstruction Companies (ARCs). Already as mentioned in the financial statements few of the loan account have been settled through these ARCs. Once the debt resolution plan is through we expect a major financial restructuring of the debt profile of the Company. The same will also lead the Company to focus on the growth path through partnership, alliances & tie ups,” Ind-Swift Laboratories in 2016-17 annual report.

Till 01:46 PM; the trading volumes on the counter jumped more than three-fold with a combined 242,000 shares changed hands on the BSE. There were pending buy orders for 27,749 shares, the exchange data shows.