Caplin Point surges 10 per cent, board approves transfer of business
The company's board approved the transfer of the regulated markets injectable business to the company's wholly-owned subsidiary Caplin Steriles. The stock was up more than 13 per cent during the day.
In a board meeting on Friday, the board approved the slump sale of its regulated markets injectable business, which includes injectable plant and R&D Units CP4 and CPS on a going concern basis to its 100 per cent subsidiary company, Caplin Steriles Limited.
Pharmaceutical company Caplin Point Laboratories Limited engages in the production of antibiotics, NSAIDS, ophthalmics, pain management and anti-ulcers. The company manufactures a range of products, including capsules, dermo-cosmetics, dry syrup, inhalers, IVs, liquid injections, liquid orals, powder for injection, softgel capsules, suppositories and tablets.
At 3:00 hours, the stock of Caplin Point was at Rs. 411.80 per share, up by Rs. 33.50 or 8.8 per cent. The stock opened at Rs. 383.60 per share and it hit a high of Rs. 430.45 per share on Friday. While the benchmark index BSE Sensex was at 36,002.98, down by 103.52 points or 0.29 per cent.