This company below Rs 50 registered a fresh 52-week high; find out why?

The pharmaceutical company got approval to acquire the entire stake in Proton Remedies.

Concord Drugs is one among selected few pharmaceutical companies in India with a dedicated state of art WHO-GMP certified facility. The company started with Finished Pharmaceutical Formulations and then diversified into Ready-to-fill Pellets, to provide its customers with end-to-end solutions to their various pharmaceutical product needs to commercial contract drug manufacturing. The company has a manufacturing license issued by the Government of Andhra Pradesh. 

It operates a state-of-the-art, cGMP contract manufacturing Formulation-Fill-Finish facility, providing complete pharmaceutical development and manufacturing services for drug products. Concord Drugs Limited has two manufacturing facilities built to comply with standards required by regulatory bodies. 

Concord Drugs has received approval to acquire a 100% stake in Proton Remedies (PRPL) at a consideration of Rs 283 per share on a cash basis. The main purpose of the acquisition is to gain access to the existing marketing network of PRPL to sell the products of Concord Drugs. The board has approved the same. 

The company is engaged in developing new products like Multiple Unit Pellet System, Sustained Release, Modified Release pellets with Innovative Drug Delivery Technologies by utilizing the finest and modern processing machinery. 

The scrip opened at Rs 36.40 and has touched a high and low of Rs. 39.35 and Rs. 35.00, respectively. So far, 49542 shares were traded on the counter. 

The BSE group 'X' stock touched a 52-week high of Rs 39.35 on 8 September 2022 and a 52-week low of Rs 19.50. The current market cap of the company is Rs 32.79 crore. 

At 2:10 pm the stock is trading at Rs. 36.30, an increase by 2.35 points or 6.92% from its previous closing of Rs. 33.95 on the BSE.