Why is Strides Pharma striding upwards?

The shares rallied to move up almost 2 per cent intraday on the back of Strides Pharma Science receiving consent from the shareholders for the divestment of Australian business. 

Strides has received a nod regarding the proposal for divestment of Australia business with Solara Active Pharma Sciences. The company board has also granted approval for transactions/contracts/ arrangements with Solara Active Pharma Sciences Limited upto Rs500cr in each financial year, starting from FY19.

Strides Pharma Science is a pharmaceutical company with a major focus on development and manufacture of IP-led niche finished dosage formulations. It is also among the world’s largest manufacturers of soft gelatin capsules.

The shares of the company opened at Rs. 463.95 as against Wednesday’s close of Rs. 460.25 per shares on the BSE. The intraday high recorded was Rs. 469.45 and intraday low was Rs. 458.50. The 52 week high and low was seen at Rs. 719.75 and Rs. 334.10, respectively. At closing, the shares were trading at Rs. 466.00, up by 1.25 per cent on Thursday.