Chennai-based drug manufacturer Orchid Chemicals & Pharmaceuticals has announced that Life Insurance Corporation of India (LIC) has acquired an additional 2.3 per cent stake in the company.

With this stake acquisition, the holding of LIC has been increased to 7.82 per cent.

Last month, Orchid Chemicals had obtained approval from the US Food and Drug Administration (FDA) for its abbreviated new drug application (ANDA) for cefpodoxime proxetil tablets. The drug is available in 100 and 200 milligram strengths.

Orchid Chemicals is a good stock for long term investment. Investors having a long term investment capacity can consider taking position in the stock on declines.