Shares of Zydus Lifesciences Ltd. gained on Monday after its unit agreed to buy a 6.5% equity stake in diagnostic company Mylab Discovery Solutions Pvt.
Its wholly owned subsidiary, Zydus Animal Health and Investments Ltd., will acquire the stake for Rs 106 crore from Rising Sun Holdings Pvt.—an investment firm owned by Adar Poonawalla, chief executive officer of Serum Institute of India Pvt.
Shares of the company rose 0.88% to Rs 562 as of 11:30 a.m., compared to a 0.07% rise in the benchmark NSE Nifty 50.
The relative strength index is at 71.75, implying that the stock is overbought.
Out of the 36 analysts tracking the company, 24 maintain a buy, eight recommend a 'hold', and four suggest a 'sell' on the stock, according to Bloomberg data. The average 12-month consensus price target implies a downside of 1.8%.
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