Strides Arcolab spurted 15.79% to Rs 539.60 at 14:30 IST on BSE after the company said its manufacturing facility in Bangalore has been approved by the US health regulator after a successful audit of the plant.
The company made the announcement before trading hours today, 25 April 2014.
Meanwhile, the BSE Sensex was down 176.42 points, or 0.77%, to 22,700.12.
On BSE, so far 16.18 lakh shares were traded in the counter, compared with an average volume of 72,684 shares in the past one quarter.
The stock hit a high of Rs 559.20 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 468.80 so far during the day. The stock hit a 52-week low of Rs 233.22 on 1 August 2013.
The stock had outperformed the market over the past one month till 23 April 2014, rising 29.93% compared with the Sensex's 5.15% rise. The scrip had also outperformed the market in past one quarter, rising 20.03% as against Sensex's 7.03% rise.
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The small-cap company has an equity capital of Rs 59.57 crore. Face value per share is Rs 10.
Strides Arcolab announced that its Oral Dosage Forms manufacturing site (KRS Gardens) in Bangalore was recently inspected by the US Food and Drug Administration (USFDA) as part of GMP compliance audit and the facility continues to be approved.
The last USFDA inspection and approval for this facility was in the year 2011. The KRS Gardens facility in Bangalore manufactures oral dosage forms such as tablets, capsules (both hard gelatine and soft gelatine) and sachets. The manufacturing plant supports important current and future submissions for the US Market, the company said.
Strides Arcolab's net profit galloped 4668.3% to Rs 3525.24 crore on 58% growth in net sales to Rs 240.24 crore in Q4 December 2013 over Q4 December 2012.
Strides Arcolab develops and manufactures a wide range of IP-led niche pharmaceutical products. The company has 5 manufacturing facilities presence in more than 75 countries in developed and emerging markets.
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