Strides Shasun rose 1.06% to Rs 835.15 at 10:07 IST on BSE after the company said it received US drug regulator's approval for Acetazolamide tablets.
The announcement was made during trading hours today, 22 November 2017.Meanwhile, the S&P BSE Sensex was up 59.21 points, or 0.18% to 33,537.56.
On the BSE, 17,000 shares were traded in the counter so far, compared with average daily volumes of 75,010 shares in the past one quarter. The stock had hit a high of Rs 837 and a low of Rs 827.05 so far during the day. The stock hit a 52-week high of Rs 1,259 on 3 February 2017. The stock hit a 52-week low of Rs 754 on 9 November 2017.
The stock had underperformed the market over the past 30 days till 21 November 2017, falling 2.92% compared with 2.99% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 9.66% as against Sensex's 6.05% rise. The scrip had also underperformed the market in past one year, falling 21.35% as against Sensex's 28.96% rise.
The mid-cap company has equity capital of Rs 89.50 crore. Face value per share is Rs 10.
Strides Shasun announced that its wholly-owned subsidiary Strides Pharma Global has received approval from the United States Food & Drug Administration (USFDA) for Acetazolamide tablets USP, 125 milligram (mg) and 250 mg, a generic version of Diamox tablets.
According to IMS data, the US market for Acetazolamide tablets is approximately $53 million. The approval, which was received in a short span of 11 months, demonstrates company's strategy of building a niche portfolio in regulated markets, having limited competition. The product, to be launched immediately, will be marketed by Strides Pharma Inc. in the US market.
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Acetazolamide tablets is used to prevent and reduce the symptoms of altitude sickness. Acetazolamide is also used with other medications to treat a certain type of eye problem (open-angle glaucoma).
On a consolidated basis, net profit of Strides Shasun declined 87.44% to Rs 10.73 crore on 14.18% rise in net sales to Rs 995.60 crore in Q2 September 2017 over Q2 September 2016.
Strides Shasun is a vertically integrated global pharmaceutical company.
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