Elder Pharma gains 6% in weak market

NEW DELHI: Shares of Elder Pharmaceuticals Ltd surged over 6% in trade on Monday in a weak market, on reports the company is exploring options to sell its nutrition products business.

“One of the sources said Elder is looking for a valuation of roughly $60 million to $75 million for the business, which includes about 20 brands, and that discussions are at a very early stage,” according to a Reuters report.

The nutrition supplements market in India is relatively undeveloped and valued at about $1 billion, according to the Federation of Indian Chambers of Commerce and Industry.

At 11:40 a.m., shares of the company were trading 4% higher at Rs 328.10. The stock has hit a high of Rs 343.45 and a low of Rs 312 so far in trade.