Meanwhile, the S&P BSE Sensex was down 14.54 points, or 0.04% to 39,040.14.

On the BSE, 1,216 shares were traded in the counter so far compared with average daily volumes of 15,000 shares in the past two weeks. The stock had hit a high of Rs 985.80 and a low of Rs 968 so far during the day. The stock hit a 52-week high of Rs 1,042 on 29 March 2019. The stock hit a 52-week low of Rs 590.10 on 11 October 2018.

IPCA Laboratories announced that it has entered into a share purchase agreement (SPA) to acquire 100% paid-up share capital of Ramdev Chemical for cash at Rs 108.50 crore. Ramdev Chemical is engaged in the business of manufacturing and marketing of advanced drug intermediates, fine chemicals, custom synthesis molecules and active pharmaceutical ingredients.

Net profit of IPCA Laboratories rose 51.71% to Rs 160.18 crore on 10.24% rise in net sales to Rs 947.59 crore in Q3 December 2018 over Q3 December 2017.

IPCA Laboratories is a fully-integrated Indian pharmaceutical company manufacturing over 350 formulations and 80 APIs for various therapeutic segments.