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Jayanta Mallick

Stock hits 5% upper circuit band with 67,500 shares changing hands

Kolkata , March 13

Kopran froze on the 5 per cent upper circuit on the BSE early during today's trading session at the opening price of Rs 49.25 and closed at that level.

The traded quantity did not reflect the demand for the stock as it was stuck at the circuit filter.

Some 67,497 shares (two-week average on the exchange is 66,267 shares) changed hands shortly after opening and froze quickly. There were buy bids for 30,642 shares, at Rs 49.25, on screen then.

According to market analysts and brokers, the sudden surge in demand was because of a dramatic change in business dynamics, part of which was announced to the stock exchange today by the company.

Market sources said that the company's formulations launch in the export market, proposed tie-ups for contract manufacturing with a host of foreign licence holders as also the turnaround by the Ugandan JV and the Dubai subsidiary, are expected to fuel significant growth in the next couple years.

Mr Surendra Somani, Executive Vice-Chairman, told Business Line that seven new dossiers are being filed in the UK in alliance with Dawa Pharma, a Britain-registered marketing company, in the period between June and Sepetember 2006.

The company's new contract research item — amoxyclav — would hit South Africa and the UK by September 2006.

Clarithromycin powder would be launched in Europe in 2007-08. Clarithromycin in granulated form has already been launched in certain South American, West Asian and South East Asian markets in January 2006.

Analysts said the new products would boost turnover and the gross margin for Kopran.

Mr Somani confirmed that the recent tie-ups with two UK companies for contract manufacturing would expand the Kopran product basket in this category to 12 from the existing three. The production of new items would begin within the next eight months, he added. Negotiations are also on with a couple of European licence holders. "We hope to clinch the contract manufacturing deals with the new associates in 2006-07," Mr Somani said.

Kopran has also roped in two distribution companies for Europe in January this year.

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