Meanwhile, the BSE Sensex was up 219.30 points, or 1.26%, at 17,690.33
On BSE, 11.32 lakh shares were traded in the counter. The scrip had an average daily volume of 18,706 shares in the past one quarter.
The stock hit a high of Rs 119.20 so far during the day. The stock hit a 52-week low of Rs 98.05 in intra-day trade today, 8 July 2010. It had hit a 52-week high of Rs 138.95 on 8 October 2009.
The scrip underperformed the market over the past one month till 7 July 2010, falling 0.31% compared with the Sensex's 4.11% rise. However, it outperformed the market in past one quarter, rising 0.27% as against 2.78% fall in the Sensex
The small-cap drug maker has an equity capital of Rs 34.43 crore. Face value per share is Rs 10.
The Supreme Court today turned down a judgement by the Securities Appelate Tribunal which had ordered Daiichi Sankyo to acquire a 20% stake in Zenotech Laboratories at Rs 160 per share. Following today's verdict, Daiichi Sankyo will have to pay Rs 113.62 a share.
The Zenotech Laboratories case dates back to January 2008, when Ranbaxy Laboratories had acquired a 46.85% stake in it for Rs 160 per share. Subsequently, Ranbaxy Laboratories made an open offer for acquiring a further 20% stake from minority shareholders at the same price.
In June 2008, Daiichi Sankyo acquired a controlling stake in Ranbaxy Laboratories. Since, Ranbaxy Laboratories held a 46.85% stake in Zenotech Laboratories at that time, the Japanese pharma firm also had to make an open offer for Zenotech. However, the open offer was made at Rs 113.60 per share as against Ranbaxy Laboratories' offer price of Rs 160 per share.
Zenotech Laboratories reported a lower net loss of Rs 3.06 crore in Q3 December 2009 as against net loss of Rs 4.74 crore in Q3 December 2008. Net sales rose 50.90% to Rs 1.63 crore in Q3 December 2009 over Q3 December 2008.
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