Torrent Pharma hits record high as CCI clears Elder Pharma deal.

Torrent Pharmaceuticals has rallied nearly 9% to Rs. 608, its record high on the BSE, on report that Competition Commission of India (CCI) has approved the company's proposed Rs. 2,000 crore acquisition of Elder Pharma's formulations business in India and Nepal.

The deal will help generic medicines maker Torrent enter new categories as well as expand operations in segments such as women's healthcare and pain management.

In an order, the CCI said that 'the proposed combination is not likely to have appreciable adverse effect on competition in India,' the PTI report suggests.

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