Granules India loses steam on divestment of JV

Shares of granules fell over 2 per cent at the closing hours on Thursday post the news of divestment.

Granules India has received an approval to divest the entire stake of the company in Granules OmniChem, a Joint Venture company. This transaction is subject to approval of the relevant regulatory authorities. The Board of Directors of the company at their meeting held on August 29, 2019 has approved the same.

Granules India is manufacturer and supplier of pharmaceutical products. Its products include active pharmaceutical ingredients (API) like tablets, caplets, rapid release, pharmaceutical, formulation intermediates (PFI) and Finished Dosages (FDs).

The shares of the company on Thursday opened at Rs. 92.70 against Wednesday’s close of Rs. 92.70. At closing hours, it was trading at Rs. 90.55, 2.32 per cent lower than its previous close. The stock hit an intraday high of Rs. 92.85 and intraday low was Rs. 90.50. Its 52-week high was Rs. 123.35 and 52-week low was Rs. 79 per share on the BSE.