Stocks

Granules India shares gain on stake sale buzz

Our Bureau. Hyderabad | Updated on September 25, 2020 Published on September 25, 2020

The company also received approval from USFDA for sleeping pills

Shares of pharma company Granules India gained by about 9.6 per cent during the early trades at BSE today on potential stake sale buzz.

The Hyderabad-based company's shares touched a 52-week high of Rs 395 before settling at Rs 378  up 4.83 per cent at the end of market hours.

A media report stated that KKR, Bain Capital and Blackstone are in race for a majority stake in Granules and that Kotak Mahindra Capital has been engaged by the promoters to scout for buyers.

The company is engaged in the manufacture of Active Pharmaceutical Ingredients and Contract Research Manufacturing. Recent reports also suggested that the company has revived plans for a potential stake sale.

The stake sale buzz has attracted the market as pharma stocks have gained investor interest during the Covid pandemic period with Indian companies having the potential to play a significant role.

When contacted, Priyanka Chigurupati, Executive Director, Granules Pharmaceuticals, in a statement said, “We communicate with many investors and evaluate many opportunities. As a public company, we will continue to comply with all disclosures as needed by the Securities Exchange Board of India.”

USFDA nod for sleeping pills

Granules India on Friday announced that the US FDA had approved its Abbreviated New Drug Application for Naproxen Sodium and Diphenhydramine Hydrochloride Tablets, 220 mg/25 mg (OTC), the generic equivalent of Aleve PM tablets, 220 mg/25 mg, of Bayer HealthCare LLC.

Naproxen Sodium and Diphenhydramine Hydrochloride tablets are used for relief of occasional sleeplessness associated with minor aches and pains and to help you fall asleep and stay asleep.

Granules shares gained as much as 9.6 per cent to an all-time high of ₹395, before cooling off slightly to trade at ₹375.

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Published on September 25, 2020
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