Nectar Lifesciences invests Rs.75 crores in two facilities at Baddi

Nectar Lifesciences Ltd has announced that the Company has injected Rs 75 crores to set up two manufacturing facilities at Baddi in Himachal Pradesh viz. Cephalosporin Formulation Unit and Empty Hard Gelatin Capsule Unit.

The Baddi projects have been funded by Initial Public Offering (IPO) and Foreign Currency Convertible Bonds (FCCB). Part of the FCCB of Rs 25 crores, is also being utilised to fund the 8 MW power generation unit at Derabassi in Punjab, which is agro-based using the rice husk etc and expected to go on stream in May 2007.

The Company recently also ventured into menthol and its allied products under the natural products segment. It has facilities at Jammu and Derabassi and 90% of its production is exported.

The stock closed the day at Rs.174.45, up by Rs.4.55 or 2.68%. The total traded quantity was 58564 compared to 2 week average of 74569. The stock hit an intraday high of Rs.178 and low of Rs.172.20.

Source : Equity Bulls

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