 "Elder Pharma surges on heavy volumes")
Elder Pharmaceuticals has surged 19% to Rs 100 on the BSE on back of heavy volumes in early morning trade on media reports that the company may sell its assets to clear debt.
The trading volumes on the counter more than doubled, and a combined 237,896 shares changed hands in the first 15 minutes of trade. On an average, sub-100,000 shares were traded daily in the past two weeks on the BSE and NSE.
“Debt-riden Elder Pharmaceuticals may sell its factories in Maharashtra and Uttarakhand, as well as some real estate, to raise money and repay creditors”, the Livemint reports suggests quoting unnamed persons. CLICK HERE TO READ FULL REPORT.
The pharmaceutical company in a statement to the stock exchanges on 5 September said that company is presently facing severe financial crunch.
In view thereof many of our senior employees including junior and subordinate staff have resigned from the company. This has lead to severe shortage of employees to handle the work of accounts and audit for the same and therefore audit has not completed within time, it added.
In past one-month, the stock declined 29% from Rs 119 to Rs 84 on Thursday, September 10, 2015. The S&P BSE Sensex dipped 8% during the same period.
At 09:38 AM, the stock was up 16% at Rs 98 on the BSE.
The trading volumes on the counter more than doubled, and a combined 237,896 shares changed hands in the first 15 minutes of trade. On an average, sub-100,000 shares were traded daily in the past two weeks on the BSE and NSE.
“Debt-riden Elder Pharmaceuticals may sell its factories in Maharashtra and Uttarakhand, as well as some real estate, to raise money and repay creditors”, the Livemint reports suggests quoting unnamed persons. CLICK HERE TO READ FULL REPORT.
The pharmaceutical company in a statement to the stock exchanges on 5 September said that company is presently facing severe financial crunch.
In view thereof many of our senior employees including junior and subordinate staff have resigned from the company. This has lead to severe shortage of employees to handle the work of accounts and audit for the same and therefore audit has not completed within time, it added.
In past one-month, the stock declined 29% from Rs 119 to Rs 84 on Thursday, September 10, 2015. The S&P BSE Sensex dipped 8% during the same period.
At 09:38 AM, the stock was up 16% at Rs 98 on the BSE.
