Hinduja Group company, Gulf Oil Corporation today said its subsidiary has entered into an agreement with Biocon to sell its Active Pharmaceuticals Ingredients (API) undertaking, for an undisclosed amount.
IDL Speciality Chemicals, subsidiary of the company has entered into a definitive agreement to sell API undertaking, Gulf Oil said in a filing to the Bombay Stock Exchange (BSE).
The company however has not disclosed the financial details of the transaction.
API is the basic raw material used in the manufacturing of medicines.
The scrip of Biocon reacted positive and surged to hit 52-weeks high at Rs 266.60 on BSE and later was trading up 1.24 per cent at Rs 262.05.
Similarly, the stock of Gulf Oil Corporation hit upper limit at Rs 83 on the BSE, up 5 per cent from its previous close.
