Solara Active Pharma shares jump 7% after broad approves amalgamation

Solara Active Pharma Sciences approved the amalgamation of Aurore Life Science, Empyrean Lifesciences and Hydra Active Pharma Sciences with itself.

April 12, 2021 / 10:17 AM IST
 
 
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Solara Active Pharma Sciences share price jumped over 7 percent intraday on April 12 after the board of directors of the company approved the amalgamation with Aurore Life Science, Empyrean Lifesciences and Hydra Active Pharma Sciences.

The stock was trading at Rs 1,477.00, up Rs 106.15, or 7.74 percent at 10:04 hours. It has touched an intraday high of Rs 1,501.30 and an intraday low of Rs 1,430.

The scrip also witnessed a spurt in volume by more than 2.92 times and was trading with volumes of 14,287 shares, compared to its five day average of 5,165 shares, an increase of 176.61 percent.

"The combination creates a pure-play API company of scale with a strong presence in regulated markets, emerging markets, a broad product portfolio, robust operations infrastructure, excellent R&D capabilities and clear synergies to further accelerate growth for the combined entity," Solara said in its BSE filing.

According to Moneycontrol SWOT Analysis powered by Trendlyne, the company has strong cash-generating ability from core business - improving cash flow from operation for last 2 years with FII / FPI or Institutions increasing their shareholding.

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Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish.

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Moneycontrol News
first published: Apr 12, 2021 10:16 am

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