Lupin surged 4.05% to Rs 874 at 15:14 IST on BSE after the company said its US subsidiary has received two tentative approvals for two generic medicines from the United States Food and Drug Administration.
The announcement was made during trading hours today, 31 July 2013.
Meanwhile, the S&P BSE Sensex was almost unchanged at 19,348.10.
On BSE, 1.73 lakh shares were traded in the counter as against average daily volume of 96,311 shares in the past one quarter.
The stock hit a high of Rs 874.30 and a low of Rs 839 so far during the day. The stock had hit a record high of Rs 908 on 19 July 2013. The stock had hit a 52-week low of Rs 540.15 on 11 October 2012.
The stock had outperformed the market over the past one month till 30 July 2013, surging 7.74% compared with the Sensex's 0.24% fall. The scrip had also outperformed the market in past one quarter, jumping 19.7% as against Sensex's 0.8% slide.
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The large-cap company has equity capital of Rs 89.56 crore. Face value per share is Rs 2.
Lupin announced today, 31 July 2013, that its US subsidiary, Lupin Pharmaceuticals, Inc. (LPI) has received tentative approval for its Armodafinil Tablets, 50 mg, 100 mg, 150 mg, 200 mg and 250 mg strengths as well as another tentative approval for its Doxycycline Capsules, 40 mg (30 mg Immediate‐release and 10 mg Delayed‐release) from the United States Food and Drug Administration (USFDA).
Lupin's Armodafinil Tablets are the AB‐rated generic equivalent of Cephalon Inc's Nuvigil tablets 50 mg, 100 mg, 150 mg, 200 mg and 250 mg strengths. Armodafinil Tablet is indicated to improve wakefulness in adult patients with excessive sleepiness associated with treated obstructive sleep apnea (OSA), narcolepsy, or shift work disorder.
Nuvigil tablets, 50 mg, 100 mg, 150 mg, 200 mg and 250 mg had annual sales of approximately $420 million in US, for the twelve months ended March 2013, as per IMS Health data.
Lupin's Doxycycline Capsules is the AB‐rated generic equivalent of Galderma Laboratories Oracea Capsules, 40 mg. Doxycycline Capsule is indicated for the treatment of only inflammatory lesions (papules and pustules) of rosacea in adult patients.
Oracea Capsules had annual sales of approximately $319 million in US, for the twelve months ended March 2013, as per IMS Health data.
Lupin's consolidated net profit jumped 162.2% to Rs 408.08 crore on 34.7% growth in net sales to Rs 2537.35 crore in Q4 March 2013 over Q4 March 2012. The company unveils Q1 June 2013 results on 7 August 2013.
Headquartered in Mumbai, Lupin is a pharmaceutical company producing and developing a wide range of branded and generic formulations and active pharmaceutical ingredients. The company is a significant player in the cardiovascular, diabetology, asthma, pediatric, CNS, GI, anti-infective and NSAID space and holds global leadership positions in the anti-TB and Cephalosporin segment.
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