IPCA Laboratories rose 1.42% to Rs 692.75 at 9:21 IST on BSE after the company said it has entered into an agreement with Avik Pharmaceutical to acquire 50% of its paid-up equity share capital for Rs 6.51 crore.
The announcement was made after market hours on Monday, 18 November 2013.
Meanwhile, the S&P BSE Sensex was up 67.44 points or 0.32% at 20,918.18.
On BSE, 150 shares were traded in the counter as against average daily volume of 29,067 shares in the past two weeks.
The stock hit a high of Rs 695 and a low of Rs 690.25 so far during the day.
IPCA Laboratories said it has entered into an agreement with Avik Pharmaceutical (Avik) to acquire 50% of its paid-up equity share capital, partly through purchase of equity shares from its existing shareholders and partly through subscription to its fresh equity share capital on a preferential allotment basis, both aggregating to approx Rs 6.51 crore. Avik is an unlisted privately held company which was incorporated in the year 1979 and is currently engaged in the development, manufacturing and marketing of Active Pharmaceutical Ingredients (APIs) being Steroids and male & female hormones from its manufacturing facilities situated at Vapi in Gujarat, IPCA said.
IPCA Laboratories' net profit rose 3.5% to Rs 129.45 crore on 10.1% growth in net sales to Rs 834.27 crore in Q2 September 2013 over Q2 September 2012.
IPCA Laboratories is a fast growing pharmaceutical major, with a strong thrust on exports. The company exports to over 120 countries. Ipca Laboratories is vertically integrated and produces finished dosage forms and APIs.
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