Unichem lifted by Indore acquisition

DALAL STREET SPIKES

Unichem Laboratories bucked the negative trend to end positive after the company announced that it has acquired an active pharmaceutical ingredient (API) facility at Indore in Madhya Pradesh.

This asset was bought under the Securitisation Act. The stock hit an intra-day high of Rs 192, before closing at Rs 185.65, marginally higher than its previous close of Rs 183.9.

Currently, Unichem has an API facility at Roha, Maharashtra, that will be further augmented with this acquisition. The company plans to have this facility upgraded for regulatory approvals from USFDA & other developed markets.

Dealing room sources said, the counter witnessed renewed buying interest following the company's announcement on Tuesday.

Pharma and tech stocks are considered as defensive stocks in a falling market and some churning is already being witnessed.

Among other pharma stocks, Glenmark Pharma was up 1.31 per cent to Rs 294.50, Hikal was up 6.44 per cent to Rs 389.95, Sterling Biotech was up 3.69 per cent to Rs 89.95 while Aurobindo Pharma was up 1.55 per cent to Rs 281.