Sanofi India Ltd denied early Supreme Court hearing

New Delhi: French Drug maker Sanofi has been denied an early hearing by the Supreme Court in the Rs 1,058 crore Sanofi SA cross border deal involving Hyderabad-based Shantha Biotechnic’s (SBL) Indian assets.Similarities can be drawn between Vodaphone’s $ 2 billion tax dispute and Sanofi’s cross border deal involving Shantha Biotechnic’s Indian assets.

Senior Counsel, Harsh Salve’s plea for an early hearing of the department appeal against the Andhra Pradesh High Court’s February 15, 2013 order, that ruled in favour of Sanofi Pasteur Holding SA has been set aside by the Supreme Court on Monday.

Sanofi India Ltd is currently trading at Rs. 4532.25, down by Rs. 50.05 or 1.09% from its previous closing of Rs. 4582.3 on the BSE.

The scrip opened at Rs. 4597.55 and has touched a high and low of Rs. 4625 and Rs. 4530 respectively. So far 2848(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 10553.04 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 4770 on 04-Jul-2016 and a 52 week low of Rs. 3676 on 24-Jul-2015. Last one week high and low of the scrip stood at Rs. 4650 and Rs. 4470 respectively.

The promoters holding in the company stood at 60.4 % while Institutions and Non-Institutions held 29.4 % and 10.2 % respectively.The stock is currently trading above its 50 DMA.