Shares of Ajanta Pharma rose 4% in early trade today amid reports that promoter group entities Ayush Agarwal Trust and Ravi Agarwal Trust plan to offload a 4.6% stake in the drug firm through a block deal. The deal is likely to fetch Rs 650 crore to the promoters. The sale is likely to be held at Rs 1,113 per share, a 5% discount to the current market price.
On Wednesday, shares of Ajanta Pharma closed 0.6% higher on the National Stock Exchange at Rs 1,171.80. In the current trading session, Ajanta Pharma stock gained 4.01% to Rs 1219.20 against the previous close of Rs 1172.20 on BSE.
Earlier, the stock opened lower at Rs 1152 on BSE.
Ajanta Pharma shares are trading higher than the 5-day moving averages but lower than 20-day, 50-day, 100-day and 200-day moving averages. The stock has lost 11.89% in a year and fallen 17.8% in 2022.
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Total 0.59 lakh shares of the firm changed hands amounting to a turnover of Rs 7.06 crore in the morning session. Market cap of the firm rose to Rs 15,681 crore on BSE.
In the second quarter of the current fiscal, Ajanta Pharma reported a 20 per cent fall in consolidated net profit at Rs 156.6 crore in the quarter ended September 30, impacted by higher expenses and lower sales in the US generics market. The company reported a consolidated net profit of Rs 195.94 crore in the corresponding period last fiscal.
Consolidated revenue from operations stood at Rs 938.1 crore against Rs 884.8 crore in the year-ago period. Total expenses rose to Rs 775.45 crore as against Rs 653.92 crore in the same period a year ago.
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