Strides Pharma Science shares worth Rs 69 crore exchange hands; stock falls over 1.5%

Promoters have held a 28.1 percent stake in Strides Pharma Science.

Shares of Strides Pharma Science fell over 1.5 percent in early trading hours as 1.5 percent equity in the company, worth Rs 65.1 crore exchanged hands on October 6.

13.75 lakh shares, worth Rs 65.1 crore, were traded, causing the stock price to sink 2.1 percent. The average price for this trade was Rs 502 per equity share. From its closing price of Rs 508.90, the large deal comes at 1.4 percent discount.

As of 11.20 a.m., Strides Pharma Science stock price was trading lower by 1.58 percent on the NSE, at Rs 502.1 per share.

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On October 4, Strides Pharma Science had announced that its subsidiary, Strides Pharma Global received approval for Efavirenz (600mg), Emtricitabine (200mg), Tenofovir Disproxil Fumurate (300mg), known as EET tablets, from the United States Food & Drug Administration.
The EET tablet has a market opportunity $ 7.5 million and will be manufactured at the company’s facility in Bengaluru.

Shareholding, stock movement and technical view

Compared to the Nifty's one-year run at 13.7 percent, Strides Pharma Science shares have gained 46.8 percent. Over the past six months, the stock price rose 64.91 percent. From its 52-week high of Rs 549 apiece, the shares are trading 7.3 percent lower.

The counter's RSI stands at 60, indicating that the stock is neither oversold nor overbought. Additionally, there is low volatility in the stock, as suggested by the one-year beta of 0.83. While the stock is trading above all its 20-, 50-, 100- and 200-day moving averages, it is trading below its 5- and 10-DMAs.

According to the June shareholding data, the promoters have held a 28.1 percent stake in the firm. FIIs held 16.72 percent in the firm, decreasing their holdings from 8.58 percent on a sequential basis.

DIIs owned 20.0 percent, of which mutual funds hold 13.86 percent, increasing their holdings from 11.14 percent from the March quarter. The public had a 35.2 percent stake in Strides Pharma Science.