Unichem surges on Niche buyout

DALAL STREET SPIKES

Bucking the market's downward spiral, Unichem rose 3.36 per cent to Rs 271.9 on volumes of 73,623 extending its recent good run after the company's statement last week regarding the acquisition of the balance 40 per cent stake in Niche Generics, its UK based subsidiary.

It is significant that prior to this acquisition, Unichem held a 60 per cent majority stake in Niche Generics. Niche Generics UK has its imprint in the segments of product development, manufacturing pharmaceutical formulations and dossier filing for the European market.

The acquisition comes at a time when Unichem is making efforts to bolster its formulation and product development segments.