Pfizer shares were trading marginally higher in the early trade on November 2 as the company transferred Thane property to Zoetis Pharmaceutical Research Private Limited for Rs 264.40 crore.
On the Board of Directors' approval, the company entered into an agreement to assign and assume the lease of Maharashtra Industrial Development Corporation(MIDC) land and sale of building constructed on a plot at Trans Thane Creek Industrial Area and other structures having a total built-up area of approximately 16,494.33 sq mtrs to Zoetis Pharmaceutical, Pfizer said in its statement.
The transfer of would be subject to requisite approvals from concerned regulatory authorities, including the MIDC .
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The pharma company posted a 52.1 percent year-on-year decline in profit at Rs 149 crore for the September quarter. Revenue declined 9.8 percent year-on-year to Rs 575.2 crore.
At 9.28 am, Pfizer was quoting at Rs 3,894.75, up Rs 18.05, or 0.47 percent on the BSE.
The share touched a 52-week high of Rs 4,662.35 on December 2, 2022 and a 52-week low of Rs 3,406.95 on March 28, 2023. The stock is trading 16.46 percent below its 52-week high and 14.32 percent above its 52-week low.
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