Strides Pharma Shares At 10-Month High On Receiving Deferred Payment
The stock gained as much as 7%, the most in six weeks.
Shares of Strides Pharma Science Ltd. jumped to their highest level in 10 months after its Singapore unit received a deferred payment of Rs 524.7 crore.
The stock gained as much as s 7.06% to Rs 392.2 apiece, the most since Nov. 14.
Strides Pharma Global Pte Ltd., a step-down subsidiary of the company in Singapore, has received AUD 94 million, or around Rs 524.74 crore, as deferred consideration for the sale of its Australian operations in 2019.
The proceeds will be utilized to deleverage the balance sheet, the company said in an exchange filing.
The stock gained as much as 7% to reach Rs 392 per equity share before closing 0.60% lower at Rs 363.90. The stock trades at 8.1 times its 30-day average volume.
The five analysts tracking the company maintain a 'buy', according to Bloomberg data.