Shares of Orchid Pharma were trading 2% higher on 29 November after the promoter of the company sold a 2.56% stake in the company.

The promoter of the company, Dhanuka Laboratories, sold 13 lakh equity shares, or 2.56% stake in Orchid Pharma, through an open market transaction at an average price of Rs 571.28 per share.

UTI Mutual Fund has picked up 4.45 lakh shares of the company for an average price of Rs 571 per share.

In 2020, Dhanuka Group had taken over the debt-ridden Orchid Pharma as a part of its insolvency plan.

As of 30 September 2023, the promoter in the Chennai-based company was reduced to 72.40%.

In its quarterly report for July-September, the company reported a net profit of Rs 19.80 crore during the quarter from Rs 5.39 crore net loss it reported in the same quarter last year.

The net total income during the quarter stood at Rs 207.11 crore from Rs 171.08 crore reported in Q2FY23.

At 3:30 pm, the shares of Orchid Pharma closed 1.05% higher at Rs 570 on NSE.