Ajanta Pharma was up 0.82% to Rs 1,574 at 13:32 IST on BSE after the company announced the launch of Memantine Hydrochloride tablets in the US market.
The announcement was made during trading hours today, 14 June 2016.Meanwhile, the BSE Sensex was down 52.89 points, or 0.20%, to 26,343.88.
On BSE, so far 13,000 shares were traded in the counter, compared with an average volume of 8.74 lakh shares in the past one quarter. Trading in the counter was volatile. The stock rose 2.03% at the day's high of Rs 1,593. The stock fell 0.08% at the day's low of Rs 1,560. The stock hit a 52-week high of Rs 1,720 on 12 August 2015. The stock hit a 52-week low of Rs 1,103 on 18 January 2016. The stock had underperformed the market over the past one month till 13 June 2016, 1.58% compared with 3.56% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, 11.17% as against Sensex's 7.52% rise.
The large-cap company has an equity capital of Rs 17.60 crore. Face value per share is Rs 2.
Ajanta Pharma said it launched Memantine Hydrochloride tablets in the US market through its wholly-owned subsidiary Ajanta Pharma USA Inc. Memantine Hydrochloride is an anti-dementia drug and is a bioequivalent generic version of Namenda. The company has launched it in 2 strengths 5 milligram (mg) and 10 mg tablets to address different levels of treatment.
Memantine Hydrochloride Tablets is part of a growing portfolio of products that Ajanta has developed for the US market. To date, the United States Food & Drug Administration (USFDA) has granted Ajanta Pharma 10 final approvals and 2 tentative approvals for its Abbreviated New Drug Application (ANDA). Additional 14 ANDAs are pending approval from the FDA.
On a consolidated basis, net profit of Ajanta Pharma rose 43.39% to Rs 106.31 crore on 15.29% rise in net sales to Rs 419.20 crore in Q4 March 2016 over Q4 March 2015.
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Ajanta Pharma is a specialty pharmaceutical formulation company with global headquarters in Mumbai.
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