56,189 shares changed hands in the counter on BSE by mid-morning trade.

The scrip came off the higher level in the past three days after a recent surge. From Rs 287.65 on 18 November 2005, it shed 5.1% to Rs 272.75 on 23 November 2005.

Nicholas Piramal India (NPIL) said the manufacturing and supply agreement is for an initial term of 10 years, followed by possible yearly renewals. This agreement represents an exclusive partnership arrangement between the two companies for certain global markets, NPIL said.

Under the agreement, NPIL will manufacture and supply select hospital care products to the large global hospital products company, with an avenue for addition of further products. The company will manufacture the products at its USFDA approved facility at Digwal, Andhra Pradesh. Revenue from the initial set of products is expected to range from $ 12 million to $ 15 million per year, NPIL said.

NPIL is a key player in the formulations, diagnostics and vitamins segments of the Indian pharma industry. It also has a major presence in exports. The company's forte is in marketing, and it has forged many alliances with MNCs to sell their products. The company's emphasis on R&D is burgeoning in present times.