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PI Industries Rose 9%, Buys Stake in Indian Subsidiaries of US Pharma

PI Industries shares rose 11% today, snapping a four-day losing streak.

On April 28, PI Industries Ltd rose over 9% to Rs 3,349.85, the biggest jump in two months, due to higher volumes and its subsidiary buying stakes in Indian arms of an American Pharma company.

On April 27, the firm said its arm named PI Health Sciences Limited, which is a US-based Therachem Research Medilab LLC, along with Pooran Chand, Namita Bansal and Therachem Research Medilab India, had crossed the threshold of a share purchase contract to buy a 100% stake in TRM India and Solis Pharmachem.

TRM India and Silis Pharmachem are the Indian arms of TRM US. The firm is also contracted with these entities to acquire certain acknowledged assets of TRM US.

TRM US, with its subsidiaries TRM India and Solis Pharmachem, is involved in researching, growing, and manufacturing chemical compounds and key starting materials. These resources are crucial for manufacturing Active Pharmaceutical Ingredients (APIs) and other pharmaceutical products.

PI Health Sciences also signed a share purchase agreement with Archimica SpA, Plahoma Twelve GmbH, to purchase a 100% stake in Archimica. It also produces Active Pharmaceutical Ingredients (APIs) and other pharmaceutical products.

At 10 am, the stock quoted Rs 3,336.20 on BSE, up 8.9% from its earlier close.

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