Divis Laboratories rose 4.04% to Rs 647.60 at 11:25 IST on BSE after the company said that US drug regulator exempted some of the company's products from the import alert list.
The announcement was made on Saturday, 8 April 2017.Meanwhile, the S&P BSE Sensex was up 34.67 points, or 0.12% to 29,741.28.
On the BSE, 3.07 lakh shares were traded in the counter so far, compared with average daily volumes of 2.78 lakh shares in the past one quarter. The stock had hit a high of Rs 656.15 and a low of Rs 642.75 so far during the day. The stock hit a record high of Rs 1,380 on 16 September 2016. The stock hit a 52-week low of Rs 611.60 on 22 March 2017.
The stock had underperformed the market over the past one month till 7 April 2017, falling 18.09% compared with 2.69% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 15.59% as against Sensex's 11.01% rise.
The large-cap company has equity capital of Rs 53.09 crore. Face value per share is Rs 2.
Divis Laboratories said the United States Food and Drug Administration (USFDA) has exempted some more products manufactured at the company's Unit-II at Visakhapatnam from the import alert issued under clauses 66-40 & 99-32 of the FDA regulations.
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An import alert prohibits the company to manufacture or market that particular drug in the United States, according to the regulator's website.
Last month, Divis Laboratories announced that the USFDA issued an Import Alert 66-40 on 20 March 2017 on the products manufactured at the company's Unit-II at Visakhapatnam, Andhra Pradesh. The agency has exempted the 10 products namely Levetiracetam, Gabapentin, Lamotrigine, Capecitabine, Naproxen Sodium, Raltegravir potassium, Atovaquone, Chloropurine , BOC core succinate and 2, 4-wing active ester, from the import alert, it added.
Divis Laboratories' net profit rose 8.7% to Rs 268.32 crore on 13.4% increase in net sales to Rs 973.44 crore in Q3 December 2016 over Q3 December 2015.
Divis Laboratories is primarily engaged in the manufacture of active pharmaceutical ingredients (APIs) & intermediates for generics; custom synthesis of API's and advanced intermediates for discovery compounds for pharma giants; building blocks for peptides; building blocks for nucleotides; carotenoids; and chiral ligands.
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