Financial Daily from THE HINDU group of publications
Friday, Aug 13, 2004
Financial Daily from THE HINDU group of publications Friday, Aug 13, 2004 |
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Markets
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Stock Markets Orchid Chem jumps on talk of FCCB issue Our Bureau
Chennai , Aug. 12 THE Orchid Chemicals & Pharmaceuticals share gained 14.06 per cent to close at Rs 201.65 amid market talk that the company was about to place foreign currency convertible bonds (FCCBs) at a premium to the prevailing price, and is also close to an out-licensing deal for a molecule. A company official had told Business Line in mid-July that they had suspended the proposed $75 million FCCB issue in view of uncertainty in the global capital markets. The company spokesperson today said that Orchid continued to keep the FCCB option open, adding that there had been no change in status over the last month. The spokesperson also said Orchid has started "preliminary discussions" with overseas companies for possible out-licensing of its molecule. The anti-diabetic molecule has completed the first phase of clinical trials in Europe and is currently being put through the second phase. The stock has increased 16.09 per cent from the previous week's close of Rs 173.70.
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