Traders build positions in Bafna Pharma

Punters have been building positions in Bafna Pharmaceuticals by spreading talk that the company is close to receiving approvals for over nine drug formulations over the next few months. Bafna Pharmaceuticals is engaged in molecular research to formulate lifestyle drugs, for ailments like hypertension, heart diseases and cholesterol.

If market sources are to be believed, the Chennai-based pharma company is expected to start ‘contract research and manufacturing’ (CRAM) in its new research facility, to be opened in the next fiscal. Company officials were not available for comment. Shares of Bafna Pharma ended 5% higher at Rs 38 on BSE on Friday.

Contributed by Nishanth Vasudevan, Santosh Nair & Shailesh Menon