Are promoters of Ranbaxy Labs launching a hostile takeover bid for orchid Chemicals and Pharmaceuticals ? Solrex, a Ranbaxy group company has increased its stake to 11.4% from 8.06% in Oafter market purchases in the first week of April.
Orchid scrip has shot up by 10% and is currently traded at Rs 225 on heavy volumes. As of now Ranbaxy promoters are silent on the issue, but takeover is inevitable.