Torrent Pharma rallies over 4%, hits 52-week high on FII limit hike

NEW DELHI: Torrent Pharmaceuticals Ltd ended the session 13.65points or 1.04 per cent up at ​1321.50 after it surged as much as 4.5 per cent in intraday trade on Thursday to hit its 52-week high of Rs 1,367 on Thursday, after the company got approval from the government to raise the limit of investment by foreign institutional investors (FII) from 13.09 per cent to 35 per cent.

This would mean a total investment of about Rs 3,000 crore. This is the biggest approval announced on Wednesday by the Foreign Investment Promotion Board (FIPB) in value terms, said media reports.

Torrent Pharma maintained its significantly improved sales growth since September 2014, except the holiday month in October 2014.

In April 2015, the company grew at 28.5%. "We believe that the synergy out of Torrent's acquisition of Elder Pharma has been gaining traction in domestic formulation business," Prabhudas Lilladher said in a report.