Scripscan:Sterling Biotech Ltd
cmp:50
Code:512299
Story:Sterling Biotech Limited engages in the production and sale of gelatin primarily for the pharmaceutical, nutraceutical, and food industries in India and internationally. It also sells Dicalcium Phosphate, a by-product of the gelatin manufacturing process to poultry-feed and fertilizer industry. In addition, the company offers co-enzyme Q10, a dietary supplement.After a lull, the taxman is back to search and seizure operations as far as India Inc is concerned. And this time around it's the pharma sector under the scanner.Sterling Biotech, according to strong market rumuors,was raided by the sleuths of the I-T department earlier this morning. Sources say, the raids were based on alleged tax evasion.As of now, there has not been any cash disclosures or cash seizures from the company. The raid operations are still going on with statements of company officials being recorded.Sterling Biotech has not given out any official response so far.Best to stay out from the stock for the moment.Can hit levels of 30 odd in days to come as investors may panic.
