Strides Arcolab has soared nearly 20% to Rs 833 in early noon deals on back of heavy volumes in otherwise weak market on the Bombay Stock Exchange (BSE).
A combined 1.47 million shares already changed hands on the counter till 1020 hours against an average sub 0.50 million shares that were traded daily in past two weeks on BSE and NSE. The stock opened at Rs 699 and hit a low of Rs 684 so far.
Shares of the pharmaceutical company was in focus during past one week, rallied 41% from Rs 589 on July 31, after the company received tentative approval from the US health regulator for anti-AIDS combination drug. The benchmark index S&P BSE Sensex has fallen 4% during the same period.
Meanwhile, on Monday, the company said it has received shareholders' approval for increasing the foreign institutional investors' (FII) investment limit in the company to 74% of the paid up equity share capital of the firm under the Portfolio Investment Scheme. The current Fll holding in the company is 52%.
Shares of the pharmaceutical company was in focus during past one week, rallied 41% from Rs 589 on July 31, after the company received tentative approval from the US health regulator for anti-AIDS combination drug. The benchmark index S&P BSE Sensex has fallen 4% during the same period.
Meanwhile, on Monday, the company said it has received shareholders' approval for increasing the foreign institutional investors' (FII) investment limit in the company to 74% of the paid up equity share capital of the firm under the Portfolio Investment Scheme. The current Fll holding in the company is 52%.