Cadila Healthcare down after news of Spanish Takeover

CadilaCadila Healthcare lost 3.65% to Rs 337 tracking powerless international market, regardless of reports it is near to getting hold of a mid-sized Spanish pharmaceutical company for $30 million.

In the meantime, the BSE Sensex was down 349.87 points to 14,751.23, chasing after fresh setback in worldwide markets. Asian stocks collapsed across the board as credit jitters erupted after France’s largest listed bank BNP Paribas on 9 August, blocked three funds, which invested in US subprime mortgages.

There were 5276 shares of the scrip for trading on the BSE counter, and the average daily volume of the stock stood at 24,996 shares in the last one quarter.

During the day, the company’s stock touched an intraday high of Rs 347 and an intraday low of Rs 337. The stock has had its 52-week high of Rs 411.70 on 21 June 2007 and a 52-week low of Rs 292 on 5 March 2007.

The company’s scrip had fallen 4.58% in the last thirty days to 9 August 2007 against the Sensex’s 1.27% decline. It appended 8.75% in last one quarter versus the Sensex's 9.45% return.

According to the reports, Cadila started due diligence on the Spanish company and the transaction may be finished by September 2007.
Cadila adopted Liva Healthcare, Japan's Nippon Universal Pharmaceuticals and Brazil-based Nikkho since March 2007.

The company’s net profit climbed 35% to Rs 66.40 crore on a 24% sales growth to Rs 442.90 in Q1 June 2007 over Q1 June 2006.

Cadila Healthcare is the flagship of Zydus Cadila Group. The company’s main functioning includes pharmaceuticals (human formulations, veterinary formulations and bulk drugs), diagnostics, herbal products, skin care products and OTC products.