Ajanta Pharma gained 1.18% to Rs 1,746 at 11:30 IST on BSE after the company announced that it has received final approval from the US drug regulator for Omeprazole and Sodium Bicarbonate Powder for oral suspension.
The announcement was made during market hours today, 29 July 2016.Meanwhile, the BSE Sensex was down 94.84 points, or 0.34% to 28,113.78.
On BSE, so far 25,781 shares were traded in the counter as against average daily volume of 17,342 shares in the past one quarter. The stock hit a high of Rs 1,776.75, which is also a record high for the stock. The stock hit a low of Rs 1,720.10 so far during the day. The stock had hit a 52-week low of Rs 1,103 on 18 January 2016. The stock had outperformed the market over the past one month till 28 July 2016, rising 14% compared with 6.35% rise in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 12.39% as against Sensex's 10.18% rise.
The large-cap company has equity capital of Rs 17.60 crore. Face value per share is Rs 2.
Omeprazole and Sodium Bicarbonate Powder is a bioequivalent generic version of Zegerid Powder for oral suspension and Ajanta Pharma will be launching the product soon in 2 strengths 20 mg/1680 mg & 40 mg/1680 mg powder sachets. The new approval is part of an ever growing portfolio of products that Ajanta has developed for the US market. In total, Ajanta has 26 Abbreviated New Drug Application (ANDA) of which it has final approvals for 12 ANDAs; tentative approvals for 1 ANDA; and 13 ANDAs are under review with United States Food & Drug Administration (USFDA).
On a consolidated basis, net profit of Ajanta Pharma rose 39% to Rs 119.55 crore on 17.8% rise in net sales to Rs 454.21 crore in Q1 June 2016 over Q1 June 2015.
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Ajanta Pharma is a specialty pharmaceutical formulation company with global headquarters in Mumbai. The company is engaged in developing, manufacturing and marketing of quality finished dosages across 30 plus countries.
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