India's IOL Chemicals rises on plan to invest $2.1 mln in USpharma

IOL Chemicals and Pharmaceuticals

23/09/2022 05:42

** Shares of generic pharmaceutical co IOL Chemicals and
Pharmaceuticals  IOLC.NS  rise as much as 6.8% to 389.90 rupees,
mark sharpest intraday pct gain since Aug 18
    ** IOLC said late on Thursday that it will invest $2.1 mln
in USpharma Ltd  urn:newsml:reuters.com:*:nFWN30T15G
    ** USpharma is a U.S.-based company that develops drug
delivery technologies (https://bityl.co/Eevj)
    ** More than 557,000 shares change hands, as of 0422 GMT,
1.6x 30-day avg of 351,783 shares
    ** Two analysts covering the stock have a "strong buy"
rating; median PT is 539.50 rupees - Refinitiv data
    ** Stock down 24.5% YTD, up to last close
 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))