Ambalal Sarabhai Enterprises (ASE) hit an upper circuit of 20% at Rs 33.40 after the company said that its subsidiary has ramped up the production of API Amphotericin B.
The company said that India is witnessing an outbreak of Mucormycosis - a very fast spreading fungal infection especially for post-COVID infection and recovery because of low immune system in the patients. The most recommended treatment for this infection is 'Amphotericin B' injection.
Synbiotics, a subsidiary of ASE is the only manufacturer of the active pharmaceutical ingredient (API) Amphotericin B in India. Looking at the current outbreak of Mucormycosis and expected requirement, Synbiotics has ramped up the manufacturing capacity to meet the requirement of this most effective anti-fungal antibiotic in the post-COVID crisis.
Synbiotics has the state-of-the-art fermentation plant for the manufacturing of the API Amphotericin B, the company said in a statement.
ASE manufactures pharmaceuticals, test instruments, and molecular diagnostics. The company offers streptomycin, tetracycline, and amphotericin, as well as analytical, testing, and measuring instruments.
ASE's consolidated net profit surged to Rs 2.02 crore in Q3 FY21 from Rs 0.46 crore in Q3 FY20. Net sales rose 45.22% YoY to Rs 46.05 crore during the quarter.
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