Shares of drug firm Orchid Chemicals & Pharmaceuticals rose by nearly 3 per cent today after the company said it's in talks with banks to convert its rupee debt into dollar-denominated one to bring down its interest burden.
The stock ended the day at Rs 54.25, up 2.84 per cent, on BSE. During the day, it climbed 5.97 per cent to Rs 55.90.
On NSE, shares of the company rose 2.74 per cent to end at Rs 54.30.
"The company is currently in talks with banks to explore the possibility of converting its rupee debt into dollar-denominated debt," the company said in a filing to BSE.
This is part of efforts to reduce the interest burden of the company, which will ultimately be beneficial to the bottom line, it added.
The company has a total debt of around Rs 3,100 crore.
Set up in 1992 as an export-oriented unit, Orchid Chemicals & Pharmaceuticals currently has presence across segments such as anti-infectives, anti-inflammatory, central nervous system (CNS), cardio vascular segment (CVS), nutraceuticals and other oral and sterile products.
