Strides Arcolab fell 2.89% to Rs 732 at 12:52 IST on BSE, with the stock sliding on profit booking after 4-day 5.87% rally.
Meanwhile, the BSE Sensex was up 130.64 points or 0.75% to 17,543.60.
On BSE, 13,000 shares were traded in the counter as against average daily volume of 55,988 shares in the past one quarter.
The stock hit a high of Rs 759.95 and a low of Rs 729 so far during the day. The stock had hit a 52-week low of Rs 276.25 on 22 August 2011. The stock had hit a record high of Rs 794 on 18 July 2012.
The stock had outperformed the market over the past one month till 6 August 2012, rising 3.27% compared with the Sensex's 0.62% fall. The scrip had also outperformed the market in past one quarter, jumping 10.38% as against the Sensex's 3.46% rise.
The mid-cap pharma firm has equity capital of Rs 58.70 crore. Face value per share is Rs 10.
Shares of Strides Arcolab rallied 5.87% in four trading sessions to settle at Rs 753.80 on Monday, 6 August 2012, from a recent low of Rs 712 on 31 July 2012.
Strides Arcolab during trading hours on Monday, 6 August 2012 said it has entered into an in-licensing agreement to collaborate with Gilead Sciences, Inc. to promote access to high-quality, low-cost generic versions of Gilead's HIV medicine emtricitabine in developing countries - including fixed-dose combinations of emtricitabine co-formulated with other Gilead HIV medicines. Under the new agreements, Gilead will provide a technology transfer for the manufacture of emtricitabine, together with funding to assist with investment in process improvements to reduce overall manufacturing costs.
The new agreement will enable Strides to produce high volumes of FTC/TDF & FTC/TDF/EFV based therapies, thereby establishing sustainable price parity to these alternative regimens, Strides said in a statement.
Strides Arcolab's consolidated net profit rose 31.3% to Rs 90.48 crore on 12.6% decline in net sales to Rs 508.29 crore in Q2 June 2012 over Q2 June 2011.
Strides Arcolab is a global pharmaceutical company headquartered in Bangalore. The company develops a wide range of IP-led niche pharmaceutical products with an emphasis on sterile injectables. It has 14 manufacturing facilities across 6 countries with presence in more than 75 countries in developed and emerging markets
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