November 20, 2017 / 4:49 AM / a year ago

BUZZ-Strides, Eris rise on deal for India brand business

** Strides Shasun Ltd rises as much as 4.5 pct to its highest in almost a fortnight

** Pharma company agreed to sell its India brand business to Eris Lifesciences Ltd for 5 bln rupees ($76.84 mln), it said on Saturday bit.ly/2hE4YSp

** Strides says will retain global rights for divested portfolio, which have significant sales in Africa

** Eris shares also rise 4.7 pct, highest since July 28

** India was a subscale business for Strides while U.S. and Australia are its large markets in terms of revenue and profit. So divestment will allow management to focus clearly on these two geographies, ICICI Securities says

** Eris also reported a 39 pct increase in Sept-qtr net profit on Saturday bit.ly/2mMvheG ($1 = 65.0700 Indian rupees)

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