Zenotech Lab in demand as Daiichi Sankyo-Ranbaxy deal triggers open offer
Meanwhile, the BSE Sensex was up 245.97 points, or 1.65%, at 15135.99, on positive cues from Asian markets and on further fall in crude oil prices.
On BSE, 2.45 lakh shares were traded in the counter. The scrip had an average daily volume of 23,298 shares in the past one quarter.
The stock hit a low of Rs 96 so far during the day. The stock had a 52-week high of Rs 182.90 on 4 October 2007 and a 52-week low of Rs 72.40 on 24 March 2008.
The scrip had underperformed the market over the past one month till 10 June 2008, falling 9.73% compared to the Sensex's 11.69% decline. It had, however, underperformed the market in the past one quarter, falling 6.08% compared to Sensex's 7.68% fall.
The small-cap drug maker has an equity capital of Rs 34.35 crore. Face value per share is Rs 10.
Ranbaxy has a 46.95% stake in Zenotech.
Ranbaxy founders Malvinder Singh and Shivinder Singh today inked a deal to sell their combined 34.8% stake to Japanese drug maker Daiichi Sankyo at around Rs 730 a share, a 30% premium over Tuesday (10 June 2008)'s closing price. Daiichi also seeks to acquire majority of the voting capital of Ranbaxy. The total transaction value is expected at about Rs 14740 crore to Rs 19800 crore depending on the response to a mandatory 20% open offer which Daiichi will be making to Ranbaxy shareholders.
Following this news, other drug firms in which Ranbaxy Laboratories has stakes, also rose 5% to 12%. Orchid Chemicals & Pharmaceuticals (10.17% at Rs 253), Jupiter Bioscience (up 11.97% at Rs 141.20), and Krebs Biochemicals (up 5% at Rs 43.95), surged.
Zenotech Laboratories reported a net loss of Rs 21.70 crore in Q3 December 2007 as against net loss of Rs 0.92 crore in Q3 December 2006. Sales fell 30.3% to Rs 1.54 crore in Q3 December 2007 over Q3 December 2006.