India's Strides Pharma rises as unit gets over $63 mln from sale of Australia ops

Strides Pharma Science

22/12/2022 06:21

** Shares of Strides Pharma Science  SRID.NS  rise as much
as 7% to 392 rupees, highest since Feb. 11
    ** Stock set to rise for a second straight session, if gains
hold
    ** Shares on course for a fourth consecutive week of gains
    ** Co says its unit Strides Pharma Global received A$94
million ($63.46 million) as the deferred consideration for the
sale of its Australian operations in 2019
    ** SRID says proceeds will be used to deleverage the
balance sheet
    ** Stock has been above its 50-day, 100-day, and 200-day
simple moving avgs indicating bullish sentiment
    ** More than 2.1 million shares change hands by 11:23 a.m.
IST vs 30-day avg of 698,938 shares
    ** Second most active session in three weeks
    ** All four analysts tracking the company maintain "buy" or
higher rating; median PT is 452.5 rupees - Refinitiv data
    ** Stock down 18.1% YTD up to last close, vs a 9.2% drop in
the Nifty Pharma  .NIPHARM  index
($1 = 1.4813 Australian dollars)
 (Reporting by Anuran Sadhu in Bengaluru)
 ((Anuran.Sadhu@thomsonreuters.com ;))