The Indian share markets continue to trade in the negative zone following weak Asian cues. Sectoral indices are trading on a mixed note with infrastructure, power and capital goods stocks leading the pack of gainers. Whereas, auto and consumer durables stocks heading the losers.
The BSE Sensex is trading lower by 169 points while the NSE Nifty is trading lower by 62 points. The BSE Mid Cap index is trading down by 0.7% while BSE Small Cap index is trading down by 0.3%. Gold prices, per 10 grams, are trading at Rs 27,576 levels. Silver price, per kilogram is trading at Rs 41,221 levels. Crude oil is trading at Rs 3,474 per barrel. The rupee is trading at 67.58 to the US$.
Pharma stocks are trading on a mixed note with Elder Pharma and Glenmark Pharma leading the gains. According to an article in The Economic Times, Strides Shasun Limited have signed an agreement to acquire the entire shareholding in Maharashtra based Perrigo API India for Rs 1000 Million.
The deal is part of a strategy to build a backward integrated portfolio of niche and small volume products for the regulated markets. Moreover, the firm has been trying to strengthen its active pharmaceutical ingredients (API) facilities since 2014, when Strides Arcolab Ltd merged with Shasun Pharmaceuticals Ltd in a US$221 million transaction to create the entity Strides Shasun Ltd.
Under the terms of agreement, Strides Shasun will acquire 100% of the issued capital of Perrigo API India. Also, Perrigo parent or affiliates will continue to source few products from the facility under a long term supply agreement.
One must note that, this is the second acquisition that Strides has made since the last fortnight. In November, its wholly owned subsidiary Strides Arcolab International acquired Pediacare from Moberg Pharma for US$5 million plus inventory. Similarly, in March, Strides Shasun acquired three brands of Moberg Pharma for Rs 670 million, to strengthen its Over the Counter (OTC) drug offerings globally.
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