Elder pharma surges 5% on Japan JV

Elder Pharma is up 5.2% after the company said that it will set up a joint venture company called Kose Elder (India) Pvt Ltd with Japan's cosmetic major Kose Corporation to manufacture and market cosmetics in India.

Elder Pharmaceuticals Ltd is up 5.2% after the pharmaceutical major said that it will setup a joint venture company called Kose Elder (India) Pvt Ltd with Japan's cosmetic major Kose Corporation to manufacture and market cosmetics in India. “As per the terms of agreement, Kose will hold 60% share in the JV Company, KOSE Elder (India) Private Limited and focus on the Indian market for manufacturing and selling cosmetics in India. Elder will hold 40% stake in the proposed JV,” company said in a statement. Elder Pharmaceuticals Ltd. stock is currently trading at Rs.337.95 up by Rs.17.85. The stock touched a high of Rs.345 and a low of Rs.328 on BSE. Total traded quantity at the counter stood at 0.33 lakh.