Strides Arcolab rose 4.38% to Rs 1,068.95 at 12:02 IST on BSE after the company said it received abbreviated new drug application approval from US health regulator for two antiviral drugs.
The announcement was made during trading hours today, 15 May 2015.
Meanwhile, the BSE Sensex was up 95.36 points, or 0.35%, to 27,301.42.
On BSE, so far 63,000 shares were traded in the counter, compared with an average volume of 1.04 lakh shares in the past one quarter.
The stock hit a high of Rs 1,077.20 and a low of Rs 1,032.80 so far during the day. The stock hit a record high of Rs 1,249 on 8 April 2015. The stock hit a 52-week low of Rs 490 on 16 May 2014.
The stock had underperformed the market over the past one month till 14 May 2015, falling 14.83% compared with 6.33% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 16.78% as against Sensex's 6.49% fall.
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The mid-cap company has an equity capital of Rs 59.62 crore. Face value per share is Rs 10.
Strides Arcolab announced that it has received approval from the United States Food & Drug Administration (USFDA) for Lamivudine and Zidovudine tablets USP, 150 mg/300 mg.
According to IMS data, the US market for Lamivudine and Zidovudine Tablets is approximately $120 million.
The product will be manufactured at the company's oral dosage facility at Bangalore and marketed by Strides in the US market. The product will be launched in the markets immediately.
Lamivudine and Zidovudine 150 mg/300 mg (generic version of generic version of Viiv's Combivir) belong to a group of antiviral medicines, also known as antiretrovirals and is used with other antiretroviral medicines to treat HIV infection in adults and children. Lamivudine and Zidovudine 150 mg/300 mg tablets reduces the amount of HIV in your body, and keeps it at a low level.
Strides Arcolab's net profit fell 97.2% to Rs 97.40 crore on 3.3% decline in net sales to Rs 232.43 crore in Q3 December 2014 over Q3 December 2013.
Strides Arcolab is a global pharmaceutical company headquartered in Bangalore, India that develops and manufactures a wide range of IP-led niche pharmaceutical products. The company has 8 manufacturing facilities presence in more than 75 countries in developed and emerging markets.
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