32,771 shares changed hands in the counter on BSE.

Ipca’s net profit declined 32% in Q2 September 2005 to Rs 17.49 crore (Rs 25.59 crore). Total income rose 10.5% to Rs 193.56 crore (Rs 175.06 crore).

Ipca said that profit for the quarter was partly affected due to exchange rate fluctuations. The loss on account of exchange rate fluctuations was Rs 2.21 crore in Q2 September 2005 compared to a profit of Rs 0.23 crore in Q2 September 2004.

The company has initiated steps to set up a new formulation-manufacturing unit near Dehradun (Uttaranchal) to cater mainly to the formulations requirement of the domestic market.

Ipca Laboratories has entered into a Joint Venture (JV) agreement with Chongqing Holley Holding company of China. The JV will engage itself in marketing Artemisinin based Active Pharmaceutical Ingredients and its formulations mainly to international institutions, NGOs, government and semi-government bodies across the globe.

A few months back, Ipca had acquired all rights, title, interest and goodwill related to the Isordil brand from Wyeth.