The Hindu Business Line : Ind Swift Labs volume zooms

After touching a day's high of Rs 45.35, the stock closed at Rs 43.50 (Rs 41.10) on the National Stock Exchange. The traded quantity on the exchange jumped to 5.38 lakh shares from the previous session's 1.69 lakh shares.

On the Bombay Stock Exchange, the transaction volumes in the counter were 3.51 lakh (98,333) shares. The stock traded at nine times its expected 2003-04 earnings per share of Rs 4.80.

According to dealers, a couple of funds - domestic as well as overseas - have picked up the stock aggressively. Many broking firms have been recommending `buy' in the counter following third quarter results.

According to Mr Kashyap Mehta of Anagram Stockbroking, the Chandigarh-based company is thriving on contract manufacturing to MNCs. It is in the process of acquiring a pharma unit belonging to an MNC to enter into the regulated markets faster. It is also reportedly scouting for acquisition of one unit in Mumbai and one in Hyderabad.

Increased possibility of generics and bulk drug outsourcing is likely to push up Ind Swift exports, currently at 35 per cent of its turnover, in the near future. The market also expects an eventual merger of Ind Swift Laboratories with the promoter company Ind Swift Ltd.

The company has targeted to launch 20 products, which are in different stages of clinical trials and bio-equivalence studies from therapeutic segments of cardiology, diabetology and neurology, over the next three years.

It has also filed one drug master file (DMF) with the US Food & Drug Administration and 2 DMFs in common technical documents format with the European authorities. The company has signed up contract manufacturing deals with eight global majors.