Heard on the Street: Aanjaneya Lifecare, Wockhardt
Shares of Aanjaneya Lifecare rose to a new high amid talk that the company is close to acquiring a domestic pharma company in the SME segment, as part of its strategy to grow inorganically.
By ET Bureau | Updated:
Aanjaneya Lifecare hits 52-week high on acquisition talk
Shares of Aanjaneya Lifecare rose to a new high amid talk that the company is close to acquiring a domestic pharma company in the SME segment, as part of its strategy to grow inorganically. The deal, estimated to be worth a few hundred crores, is expected to be completed soon, according to one person familiar with the development. When contacted, Aanjaneya Lifecare managing director Kannan Vishwanath declined to comment on market speculation. The stock scaled a 52-week high of Rs 523 intra-day, before closing nearly 1% up at Rs 513.6 on the BSE on Wednesday.
The counter attracted substantially higher volumes of 3.5 lakh shares, compared with the two-week average of 2 lakh shares. Listed at Rs 229.5 in May this year, Aanjaneya Lifecare has shot up 120% over the offer price of Rs 234, despite generally bearish market conditions. It’s initial public offering was subscribed 1.8 times.
HC extension gives a booster shot to Wockhardt’s stock
The Bombay High Court’s decision to grant Wockhardt a week’s extension to find ways to settle bondholders’ dues boosted its shares on Wednesday. The court has offered extra time to the company to propose a viable solution which would be agreeable to both secured and unsecured lenders, including the petitioners. The appeal has been adjourned to September 29. Earlier this month, the court had asked Wockhardt to set a deadline to pay its offshore bondholders, failing which the company may face liquidation. Of the Rs 473 crore that has to be paid to bondholders, Wockhardt has so far deposited Rs 115 crore with the court. The stock outperformed the market to gain nearly 4% at Rs 415.8.
Shares of Aanjaneya Lifecare rose to a new high amid talk that the company is close to acquiring a domestic pharma company in the SME segment, as part of its strategy to grow inorganically. The deal, estimated to be worth a few hundred crores, is expected to be completed soon, according to one person familiar with the development. When contacted, Aanjaneya Lifecare managing director Kannan Vishwanath declined to comment on market speculation. The stock scaled a 52-week high of Rs 523 intra-day, before closing nearly 1% up at Rs 513.6 on the BSE on Wednesday.
The counter attracted substantially higher volumes of 3.5 lakh shares, compared with the two-week average of 2 lakh shares. Listed at Rs 229.5 in May this year, Aanjaneya Lifecare has shot up 120% over the offer price of Rs 234, despite generally bearish market conditions. It’s initial public offering was subscribed 1.8 times.
HC extension gives a booster shot to Wockhardt’s stock
The Bombay High Court’s decision to grant Wockhardt a week’s extension to find ways to settle bondholders’ dues boosted its shares on Wednesday. The court has offered extra time to the company to propose a viable solution which would be agreeable to both secured and unsecured lenders, including the petitioners. The appeal has been adjourned to September 29. Earlier this month, the court had asked Wockhardt to set a deadline to pay its offshore bondholders, failing which the company may face liquidation. Of the Rs 473 crore that has to be paid to bondholders, Wockhardt has so far deposited Rs 115 crore with the court. The stock outperformed the market to gain nearly 4% at Rs 415.8.
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