Alkem Laboratories rises 3% in trade; What is driving this pharma stock

The company along with its arm will acquire a 26 per cent stake in the Capital of Sunsure Solarpark

Alkem Laboratories shares gained 2.7 per cent in trade, logging an intraday high at Rs 5534.95 per share on BSE. The buying of the stock came after the company along with its subsidiary Enzene Biosciences revealed plans for equity investment in Sunsure Solarpark.   Sunsure Solarpark is a company engaged in the business of generation, production and distribution of electricity from renewable energy sources. Sunsure Solarpark is a wholly owned subsidiary of Sunsure Energy Private.

 

Around 11:04 AM, Alkem Labs share price was up 2.4 per cent at Rs 5517.6 per share on BSE. In comparison, the BSE Sensex was up 0.50 per cent at 80,278.81. The market capitalisation of the company stood at Rs 65,971.18 crore. The 52-week high of the stock was at Rs 6,440 per share and the 52-week low was at Rs 4,409.9 per share. 

 

"We wish to inform you that the company together with its subsidiary M/s. Enzene Biosciences Limited (“Enzene”) has entered into a Share Subscription and Shareholders’ Agreement dated December 17, 2024 with M/s. Sunsure Solarpark Twenty Two Private Limited (‘Sunsure Solarpark’) and M/s. Sunsure Energy Private Limited (‘Sunsure Energy’) for equity investment in Sunsure Solarpark," the filing read.

 

The acquisition aims to purchase renewable power sources in compliance with the environmental social governance thereby resulting in reduced power/ electricity costs. 

 

The total cost of acquisition stands at Rs 1,95,00,000, in which Alkem Laboratories will contribute Rs 93,60,000 and its arm Enzene Biosciences Limited will contribute Rs 1,01,40,000. 

 

Alkem Labs along with its arm will acquire a 26 per cent stake in the Capital of Sunsure Solarpark, where Alkem will hold 12.48 per cent stake and Enzene will hold 13.52 per cent stake in Sunsure Solarpark post-acquisition.  

 

Alkem Laboratories is an Indian pharmaceutical company engaged in the development, manufacturing, and marketing of pharmaceutical formulations and active pharmaceutical ingredients (APIs). Established in 1973, Alkem has grown to become one of India's top-ranked pharmaceutical companies, with a significant presence in both domestic and international markets.

 

Enzene Biosciences, a subsidiary of Alkem Laboratories, is a biotechnology company focused on innovation in the healthcare space. Established with the vision of redefining biopharmaceutical development and manufacturing, Enzene specializes in creating affordable and high-quality biosimilars, novel biologics, and complex peptides. Headquartered in Pune, India, the company leverages cutting-edge technology and advanced manufacturing practices to make significant contributions to global healthcare.

 

In the past one year, Alkem Laboratories shares have gained 10.2 per cent against Sensex's rise of 13 per cent.