Shares of Strides Pharma Science Ltd. rose to a nearly nine-year high on Friday after the company ceased operation of a US subsidiary last Tuesday.
Strides Pharma, as a part of its optimisation exercises, dissolved Altima Innovations Inc., a step-down wholly owned subsidiary of the company, according to an exchange filing on Wednesday.
Authorities in New Jersey, US, liquidated the unit on Aug. 13. The exchange filing stated that Altima Innovations Inc. contributed Rs 5.52 lakh in net worth as of the last fiscal year 2024.
Separately, Strides Pharma said the National Company Law Tribunal approved its merger with an Indian subsidiary on Tuesday. The scheme of amalgamation with Strides Alathur Pvt. was listed for pronouncement before the court.
The merger will come into effect when both companies submit a certificate copy of the NCLT order to the Registrar of Companies, the company said in the exchange filing.
Also Read: Strides Pharma Q1 Results Review - Turnaround In Stelis Drives Earnings Momentum: ICICI Securities
Shares of Strides Pharma Science Ltd. rose 4.71% to Rs 1,284.00, the highest level since Dec. 18, 2015. It was trading 4.39% higher at Rs 1,280.15 as of 11:04 a.m., compared to 0.47% advance in the NSE Nifty 50 index.
The stock has gained 200.38% in last 12 months and 97.28% on year to date basis. Total traded volume so far in the day stood at 2.1 times its 30-day average. The relative strength index was at 82.21, which implied the stock is overbought.
Two analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies a downside of 3.9%
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