Nectar Lifesciences rose 11.15% to Rs 35.40 at 13:46 IST on BSE after the company said it received Brazilian cGMP approval for its Cephalosporin active pharmaceutical ingredients manufacturing facility in Dera Bassi, Punjab.
The announcement was made after market hours yesterday, 14 May 2015.
Meanwhile, the BSE Sensex was up 121.25 points, or 0.45%, to 27,327.31.
On BSE, so far 3.94 lakh shares were traded in the counter, compared with an average volume of 2.87 lakh shares in the past one quarter.
The stock hit a high of Rs 36.20 and a low of Rs 33.25 so far during the day. The stock hit a 52-week high of Rs 44.65 on 16 September 2014. The stock hit a 52-week low of Rs 24.60 on 14 August 2014.
The stock had underperformed the market over the past one month till 14 May 2015, falling 18.54% compared with 6.33% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, falling 6.05% as against Sensex's 6.49% fall.
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The small-cap company has an equity capital of Rs 22.43 crore. Face value per share is Re 1.
Nectar Lifesciences (NecLife), the fast-growing manufacturer of generic pharmaceutical active pharmaceutical ingredients (APIs) and formulation products, has received ANVISA cGMP (Current Good Manufacturing Practices) approval for Brazil for its Cephalosporin APIs' manufacturing facility in Dera Bassi, Punjab. The regulatory authority concluded that the facility, systems and practices comply with ANVISA cGMP requirements.
The facility is already approved by various international regulatory agencies such as US-FDA, MCC - South Africa, PMDA - Japan, OGYI - Hungary and KFDA - South Korea.
Brazil market for Cephalosporin's' is currently valued at $300 million. between injectable and oral molecules. NecLife has highest capacities globally of all the approved molecules in Cephalosporin. This approval opens up very valuable market for NecLife for API's as well as formulations for which Unit-6 located in Baddi is already approved by the ANVISA authority.
Net profit of Nectar Lifescience declined 1.40% to Rs 16.89 crore on 13.57% rise in net sales to Rs 444.12 crore in Q3 December 2014 over Q3 December 2013.
Nectar Lifesciences is a leading integrated pharmaceutical organization in India, offering a specialized comprehensive range of oral and sterile cephalosporin active pharmaceutical ingredients (APIs) and finished dosage forms (FDFs). NecLife is one of the largest manufacturers of cephalosporin range of products and has an established brand presence in 20 states across India and 55 countries across five continents. NecLife has a global leadership position in 3 oral molecules and 2 sterile molecules. The company has 11 manufacturing facilities - eight in Derabassi, Punjab (API and menthol units), two in Baddi, Himachal Pradesh (FDF and EHGC plants) and one in Jammu (menthol plant). NecLife's products include oral and sterile cephalosporin APIs, FDFs, empty hard gelatin capsules and Menthol and allied products.
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