Pharma sector player, Aurobindo Pharma plans to increase its stake in Tergene Biotech. Tergene Biotech is a 60:40 joint venture between the company and the promoters of Tergene.

As agreed among the JV partners, the company will increase its stake in Tergene Biotech Private Ltd from 60% to 80% by subscribing to additional 56,50,000 equity shares of Rs 10 each at par aggregating to Rs 5.65 crore.

Tergene Biotech belongs to vaccine development industry. Till date Aurobindo Pharma acquired 3.25% and will continue to acquire balance 16.75% over a period of time.

Meanwhile, the stock ended lower by 5.84% at Rs 684.15 per share on BSE on Wednesday’s trade.

Aurobindo Pharma is a pharmaceutical company. The company is engaged in producing oral and injectable generic formulations and active pharmaceutical ingredients (APIs).

Stock view:

Aurobindo Pharma Ltd is currently trading at Rs 714, up by Rs 29.85 or 4.36% from its previous closing of Rs 684.15 on the BSE.

The scrip opened at Rs 701 and has touched a high and low of Rs 717.25 and Rs 701 respectively. So far 1565302(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 40083.15 crore.

The BSE group ‘A’ stock of face value Rs 1 has touched a 52 week high of Rs 895 on 06-Oct-2016 and a 52 week low of Rs 504 on 29-May-2017. Last one week high and low of the scrip stood at Rs 748.6 and Rs 677.3 respectively.

The promoters holding in the company stood at 51.87 % while Institutions and Non-Institutions held 33.81 % and 14.32 % respectively.

The stock is currently trading above its 50 DMA.