Wockhardt rose 1.92% to Rs 741.75 at 9:26 IST on BSE after the company said it received US drug regulator's approval for piperacillin and tazobactam for injection.
The announcement was made after market hours yesterday, 21 March 2017.Meanwhile, the S&P BSE Sensex was down 170.09 points, or 0.58% to 29,315.36.
On the BSE, 54.76 lakh shares were traded in the counter so far, compared with average daily volumes of 2.37 lakh shares in the past one quarter. The stock had hit a high of Rs 746 and a low of Rs 730.50 so far during the day. The stock hit a 52-week high of Rs 1,129 on 21 July 2016. The stock hit a 52-week low of Rs 627 on 27 December 2016.
The stock had underperformed the market over the past one month till 21 March 2017, rising 1.68% compared with 2.87% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 8.37% as against Sensex's 12.36% rise.
The mid-cap company has equity capital of Rs 55.27 crore. Face value per share is Rs 5.
Wockhardt announced that abbreviated new drug application (ANDA) of piperacillin and tazobactam for Injection USP, 40.5 g/vial, pharmacy bulk package submitted by Wockhardt Bio AG, subsidiary of the company has been approved by US Food and Drug Administration (USFDA). Wockhardt's Abbreviated New Drug Application (ANDA) was determined to be therapeutically equivalent to the reference listed drug (RLD) Zosyn for Injection 40.5g/vial, pharmacy bulk package of Wyeth Pharmaceuticals Inc.
Wockhardt Bio AG had filed this ANDA in collaboration with Fresinius Kabi, Italy (FKAI), where the product development was completed. The ANDA will be manufactured commercially at FKAI, Mitim, Italy.
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Wockhardt reported consolidated net loss of Rs 53.91 crore in Q3 December 2016, as compared to net profit of Rs 72.04 crore in Q3 December 2015. Net sales fell 7.3% to Rs 995.56 crore in Q3 December 2016 over Q3 December 2015.
Wockhardt is a global pharmaceutical and biotechnology company.
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