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Saturday, May 27, 2006

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Elder Pharma up on stake hike talk

Rajesh Abraham

Elder Pharmaceuticals Ltd witnessed buying interest on market speculation that the company may hike its stake in the joint venture in Nepal. Elder Pharma has a 60:40 joint venture with Universal Group of Nepal. The shares closed at Rs 321.50, up from the previous close of Rs 316.25, on the BSE. On NSE, it gained 1.23 per cent at Rs 322.

Dealers said the new administration in Nepal is favourable to open up the market for overseas companies. This is likely to benefit Elder Pharmaceuticals, they said.

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