Hive-off lifts Morepen Lab by 8%

PTI New Delhi | Updated on September 02, 2021

Shares of Morepen Laboratories jumped over 8 per cent on Thursday after the company said its board has approved transfer of its medical devices business on a slump sale basis to a wholly-owned subsidiary.

The stock zoomed 8.28 per cent to close at ₹55.60 on the BSE. During the day, it jumped 10.90 per cent to ₹56.95. On the NSE, it rose by 8.38 per cent to close at ₹55.60. In traded volume terms, 6.72 lakh shares were traded at the BSE and over 49 lakh shares at the NSE. The revenues and profits derived from the new subsidiary will be consolidated in the parent company, it added. Transfer of the medical devices business is expected to be completed before March 31, 2022, it said.

Published on September 02, 2021

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