Elder Pharmaceuticals jumped 3.90% to Rs 310 at 9:42 IST on BSE on a media report that Torrent Pharmaceuticals is in advanced stages of talks to acquire the domestic business of the company.
Meanwhile, the BSE Sensex was up 96 points, or 0.47%, to 20,325.05.
On BSE, 28,000 shares were traded in the counter compared with average volume of 41,689 shares in the past one quarter.
The stock hit a high of Rs 317 and a low of Rs 306.05 so far during the day. The stock hit a record high of Rs 474 on 5 December 2012. The stock hit a 52-week low of Rs 202.15 on 14 May 2013.
The stock had outperformed the market over the past one month till 21 November 2013, falling 2.91% compared with the Sensex's 3.18% fall. The scrip had, however, underperformed the market in past one quarter, rising 3.31% as against Sensex's 12.97% rise.
The small-cap company has an equity capital of Rs 20.54 crore. Face value per share is Rs 10.
According to the report, Torrent Pharmaceuticals has offered Rs 1700 crore for buying the whole of India business of Elder Pharmaceuticals. Shares of Torrent Pharmaceuticals rose 1.29% to Rs 471.95.
Elder Pharma has a huge debt pile of Rs 1300 crore and is in the process of selling its India business to reduce the burden, the report added.
Elder Pharmaceuticals' consolidated net profit tumbled 86.69% to Rs 3.14 crore on 32.76% decline in net sales to Rs 271.68 crore in the quarter ended September 2013 over the quarter ended September 2012.
Elder Pharmaceuticals is a Mumbai-based pharmaceutical manufacturing and marketing organization.
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