Business Daily from THE HINDU group of publications
Friday, Sep 08, 2006
Business Daily from THE HINDU group of publications Friday, Sep 08, 2006 |
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Markets - Stocks Columns - Ear to the ground
The Elder Pharma stock has been a steady gainer on the bourses in the last one month; it jumped 11.5 per cent on the BSE from Rs 315 levels to the current close of Rs 351.35. However, on Thursday, the stock finished a tad weak over the previous day's close. According to dealers, the main trigger for the counter is the company's move to shift its manufacturing activities to Himachal Pradesh and Uttranchal. As more products start coming from these facilities, the company will be able to reap the benefits of lower excise and tax rates. Marketing agreements with foreign firms, continued launch of new products, scale up of business in the lifestyle, skincare and paediatric areas, coupled with effective cost-cutting measures were the other reasons cited by marketmen as positives. Indarts Exports has been an active buyer in the counter. As per the NSE data, its holding in Elder Pharma has moved up to 11.34 per cent (as of August 21) from 10.12 per cent (as of March 31).
K.S. Badri Narayanan
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