Solara Active Pharma stock gains 2% despite promoter Karuna Business Solutions stake sale

Spiracca Ventures was the buyer in the block deal, picking up the stake at a value of Rs 270.54 crore.

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Solara Active Pharma shares were trading 2 percent higher in the morning trade on September 7 after company’s promoters Karuna Business Solutions offloaded 2.04 percent stake in the pharma company. Spiracca Ventures was the buyer in the block deal, picking up the stake at a value of Rs 270.54 crore.

Spiracca Ventures’ recent purchase into the company’s equity comes after it bought 1.99 lakh shares from the promoter on June 26th.

As per the bulk data published by the exchanges, Karuna Business Solutions has sold 7.36 lakh equity shares, or 2.04 percent in the company, via open market transactions on September 6, 2023. The shares were sold to Spiracca Ventures at a price of Rs 367.46 each.

The financials

In its results for Q1FY24, the company reported a 6.66 percent year-on-year (YoY) increase in revenue from operations to Rs 352 crore. It was a loss making quarter for the company, with the loss reported at Rs 19 crore as compared to a loss of Rs 16 crore reported in the same period year ago. Operating profit margins expanded by 100 basis points on a yearly basis to 5 percent.

At 11.45 am on the NSE, the Solara Active Pharma stock was quoting at Rs 369.80, up Rs 3.70, or 1.01 percent.

Solara Active Pharma operates as a pharmaceutical company, specializing in the production of active pharmaceutical ingredients (APIs) and intermediates.

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