Strides Shasun rose 0.77% to Rs 1,373.30 at 14:45 IST on BSE after the company announced that it has received approval from the United States Food & Drug Administration for Dutasteride Softgel Capsules, 0.5 mg.
The company made announcement on Saturday, 21 November 2015.
Meanwhile, the BSE Sensex was down 74.32 points, or 0.29%, to 25,794.17.
On BSE, so far 38,531 shares were traded in the counter, compared with an average volume of 63,632 shares in the past two weeks.
The stock hit a high of Rs 1,412.45, which is also a record high for the stock. The stock hit a low of Rs 1,368.80 so far during the day. The stock hit a 52-week low of Rs 720 on 25 November 2014.
The stock had outperformed the market over the past one month till 20 November 2015, rising 5.24% compared with 5.27% decline in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 3.12% as against Sensex's 6.3% decline.
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The mid-cap company has an equity capital of Rs 59.63 crore. Face value per share is Rs 10.
Strides Shasun said that the product is ready for day 1 launch. According to IMS data, the annual US market for Dutasteride Capsules is approximately $470 million. The product has gone off patent on 20 November 2015 and Strides Shasun is amongst the first wave of generic players to receive this approval. The product will be manufactured at the company's oral dosage facility at Bangalore and marketed by Strides Shasun in the US market. Dutasteride is used to treat benign prostatic hyperplasia (BPH; enlargement of the prostate gland).
Separately, Strides Arcolab said during market hours today, 23 November 2015, that the Cuddalore facility has been permitted to resume operations in all manufacturing production blocks except the new production block. The company confirmed that there will not be any material impact on the revenue of the Group during the current financial year. Earlier, a fire accident at Cuddalore facility was reported by Shasun Pharmaceuticals, which merged with Strides Arcolab with effect from 19 November 2015.
Meanwhile, Strides Arcolab announced after market hours on Friday, 20 November 2015, that the allotment committee of the board of directors of the company at their meeting held on 20 November 2015 have allotted 2.10 crore shares to the shareholders of erstwhile Shasun Pharmaceuticals, in the ratio of 5 shares each of Strides Arcolab for every 16 shares of erstwhile Shasun Pharmaceuticals held by them as on 19 November 2015 (being the record dale fixed for the purpose of merger of Shasun Pharmaceuticals with Strides Arcolab).
Strides Shasun reported consolidated net profit of Rs 18.98 crore in Q2 September 2015 compared with consolidated net loss of Rs 42.56 crore in Q2 September 2014. Net sales rose 32.3% to Rs 350.88 crore in Q2 September 2015 over Q2 September 2014.
Strides Shasun is a pharmaceutical company with a key focus on development and manufacture of IP-led niche generics and bio-pharmaceuticals. It is also among the world's largest manufacturers of specialty soft gelatin capsules.
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