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Strides Arcolab jumps on deal talk

March 18, 2010

INDIA-STOCKS/

Shares in Strides Arcolab rose over 4 percent on Thursday after Aspen Pharmacare said it would sell its 50 percent stake in global oncology joint ventures to joint owner Strides for $117 million.

Shares in the counter rallied over 5 percent in intra-trade trade before ending 4.2 percent higher at 68.80 rupees with volumes of 28.29 million shares.

Strides vice chairman and group CEO Arun Kumar said the deal provided the Bangalore-based drug maker with greater focus and ownership of a key domain in its specialist division.

Strides has gained over 40 percent this year alone. Do you think it is the right time to invest in this counter?

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