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Sanofi India share price rises 3% on sale of Nutraceuticals biz to Universal Nutriscience

The company has posted 30.8 percent jump in its June quarter net profit at Rs 178.3 crore against Rs 136.3 crore and revenue was up 11.1% at Rs 789.1 crore versus Rs 710.5 crore, YoY.

July 28, 2021 / 10:15 AM IST
 
 
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Sanofi India share price rose 3 percent intraday on July 28 after company board approved to sale and transfer of the company’s Nutraceuticals business.

" ..... board of directors at its meeting held on July 27, 2021 approved a transaction for the slump sale and transfer of the company’s Nutraceuticals business, on a going concern basis to Universal Nutriscience Private Limited for a consideration of Rs 5,870 million including debt like obligations," company said in the release.

The completion of the transaction is anticipated within the next 3 months, subject to fulfillment of conditions as set out in the business transfer agreement, it added.

The Nutraceuticals business of the company comprises 16 brands and 30 SKUs.

These along with related business assets and liabilities including contracts, intellectual property rights, inventory, and all employees associated with this business will transition to Universal Nutriscience Private Limited.

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The company has posted 30.8 percent jump in its June quarter net profit at Rs 178.3 crore against Rs 136.3 crore and revenue was up 11.1% at Rs 789.1 crore versus Rs 710.5 crore, YoY.

At 09:51 hrs Sanofi India was quoting at Rs 8,068.60, up Rs 108.70, or 1.37 percent on the BSE.

The share touched a 52-week high of Rs 8,999 and a 52-week low of Rs 7,427.75 on 24 August, 2020 and 27 April, 2021, respectively.

Currently, it is trading 10.34 percent below its 52-week high and 8.63 percent above its 52-week low.
Moneycontrol News
first published: Jul 28, 2021 10:10 am

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