Morepen Laboratories soars on reports of likely sale of OTC brands
Capital Market | Mumbai Sep 23, 2016 10:22 AM IST
On BSE, so far 10.07 lakh shares were traded in the counter, compared with average daily volume of 4.33 lakh shares in the past one quarter. The stock hit a high of Rs 27.25 and a low of Rs 26.10 so far during the day. The stock hit a 52-week high of Rs 41.80 on 5 January 2016.
The stock hit a 52-week low of Rs 13.14 on 23 September 2015. The stock had outperformed the market over the past 30 days till 22 September 2016, rising 25.25% compared with 2.54% rise in the Sensex. The scrip, however, underperformed the market in past one quarter, rising 8.3% as against Sensex's 9% rise.
As per reports, Morepen Laboratories is considering a business rejig which could lead to a potential sale of the over-the-counter brands, including antiseptic cream Burnol.
The company's OTC portfolio include Lemolate cold and cough relief remedy , Sat-Isabgol, anti-fungal and antibacterial cream Itch Beat, Fever-X, Pain-X, a face wash and 2 Cool hair oil, among other brands. Piramal Healthcare, Cipla and Zydus Cadila could be among the potential suitors, reports indicated.
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