Indoco Remedies purchase land parcel in Mumbai; share gains

The share touched a 52-week high of Rs 416.95 on January 1, 2024 and and a 52-week low of Rs 307 on April 26, 2023

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Indoco Remedies share price rose a percent in the early trade on March 13 after the company purchased a land parcel in Mumbai from Saldanha Realty and Infrastructure LLP.

At 9.32 am, Indoco Remedies was quoting at Rs 340.85, up Rs 3.40, or 1.01 percent, on the BSE.

At a meeting on March 12, the committee of executive directors has approved the purchase of land, which was previously held by the company on lease, and measuring 2,860.75 square meters in Mahal Industrial Estate in Mulgaon village in Andheri from Saldanha Realty and Infrastructure LLP,  the company said in a release.

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On March 1, the company’s wholly owned subsidiary Warren Remedies Private Limited commenced commercial production from its greenfield manufacturing facility in Aurangabad to manufacture oral care products.