After three days of consecutive fall, shares of Ajanta Pharma rose as much as 5 percent on Friday on its buyback plan.
The company's board of directors will meet on Tuesday, December 28, to consider a proposal for the buyback of equity shares of Ajanta Pharma.
Ajanta Pharma is a specialty pharmaceutical company engaged in the development, manufacturing and marketing of quality finished dosages. The company's business includes branded generics in emerging markets of Asia and Africa, generics in the developed markets of the US and Institution sales.
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In India, the company has a presence in high growth specialty segments of cardiology, dermatology, ophthalmology and pain management. Emerging markets are the major contributors to the company's branded generic business.
Its institutional business comprises supplies to various government bodies in India and supplies of Anti-Malarial products under WHO-approved programs in Africa.
Ajanta Pharma operates 7 state-of-the-art manufacturing facilities in India.
At 10:51 am, shares of the company were up nearly 3 percent at Rs 2,115.95. The stock had opened with a gap up gain of about 4 percent.
Year-to-date, shares of the company have gained over 29 percent while Nifty500 has surged 27 percent.
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