Shares of Abbott India surged to a record highs

Shares of Abbott India Ltd., a mid-sized pharma company, surged to a record high in a flat-to-weak market on Wednesday as demand for defensive stocks remained high in the face for 4 days of continuous losses on the benchmark indices.

Shareholders had sought a bonus issue or splitting of shares from the management at the recently convened Annual General Meeting, but the same was negated by the board.

Meanwhile, Abbott India surged 297 rupees, or 6.3 percent, to 5,008 rupees on the National Stock Exchange where 15,000 shares were traded. The stock was among the top gainers in the pharma space, overtaken only by Dishman Pharmaceuticals.

Abbott India has seen its market capitalisation surge 93 percent to 10,500 crore rupees in the past one year as investors sought the safety of regular sales and profit at pharma companies. The stock trades at 10.45 times book value of 474 rupees.Shares of Abbott India Ltd., a mid-sized pharma company, surged to a record high in a flat-to-weak market on Wednesday as demand for defensive stocks remained high in the face for 4 days of continuous losses on the benchmark indices.

Shareholders had sought a bonus issue or splitting of shares from the management at the recently convened Annual General Meeting, but the same was negated by the board.

Meanwhile, Abbott India surged 297 rupees, or 6.3 percent, to 5,008 rupees on the National Stock Exchange where 15,000 shares were traded. The stock was among the top gainers in the pharma space, overtaken only by Dishman Pharmaceuticals.

Abbott India has seen its market capitalisation surge 93 percent to 10,500 crore rupees in the past one year as investors sought the safety of regular sales and profit at pharma companies. The stock trades at 10.45 times book value of 474 rupees.

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