Orchid Chemicals surges on getting approval for scheme of amalgamation

Orchid Chemicals is currently trading at Rs. 151.60, up by 2.95 points or 1.98% from its previous closing of Rs. 148.65 on the BSE.

The scrip opened at Rs. 150.90 and has touched a high and low of Rs. 154.30 and Rs. 149.50 respectively. So far 345802 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 324.65 on 04-Apr-2011 and a 52 week low of Rs. 112.25 on 19-Dec-2011.

Last one week high and low of the scrip stood at Rs. 154.30 and Rs. 138.30 respectively. The current market cap of the company is Rs. 1071.78 crore.

The promoters holding in the company stood at 29.83% while Institutions and Non-Institutions held 18.30% and 47.29% respectively. 

Chennai-based global pharma major, Orchid Chemicals & Pharmaceuticals has received board’s approval for the scheme of amalgamation for the merger of company's wholly-owned subsidiary - Orchid Research Laboratories with itself. The company has received approval for the said scheme of amalgamation at its board meeting held on January 7, 2012.

Recently, Serum Institute of India (Serum) had hiked its stake in Orchid Chemicals & Pharmaceuticals. The institute had bought 5 lakh fresh shares for Rs 6.6 crore through open market transactions, according to the data available with the exchange.

Orchid is a pharmaceutical company engaged in development and manufacture of active pharmaceutical ingredients (APIs) and finished dosage forms. It is also engaged in research of new drugs. The company was incorporated in the year 1992 as a 100% export-oriented unit.