Aurobindo Pharma lost 1.45% to Rs 734.20 at 13:21 IST on BSE on media reports that a foreign brokerage has maintained its sell rating on the stock citing higher valuations.
Meanwhile, the S&P BSE Sensex was down 166.92 points or 0.66% at 25,174.94.
On BSE, so far 1.62 lakh shares were traded in the counter as against average daily volume of 2.20 lakh shares in the past one quarter. The stock was volatile. The stock lost as much as 3.35% at the day's low of Rs 720 so far during the day. The stock rose as much as 0.3% at the day's high of Rs 747.25 so far during the day. The stock had hit a record high of Rs 891.50 on 30 December 2015. The stock had hit a 52-week low of Rs 582 on 25 February 2016. The stock had outperformed the market over the past one month till 31 March 2016, surging 13.71% compared with Sensex's 10.17% rise. The scrip had, however, underperformed the market in past one quarter, sliding 14.9% as against Sensex's 2.97% fall.
The large-cap company has equity capital of Rs 58.52 crore. Face value per share is Rs 1.
The foreign brokerage reportedly said that Aurobindo's EBITDA (earnings before interest, taxation, depreciation and amortization) margins are unlikely to improve and its balance sheet is weaker than peers. The brokerage expects slow earnings growth phase for the company.
Meanwhile, Aurobindo Pharma announced during market hours today, 1 April 2016 that it has received final approval from the US Food and Drug Administration (USFDA) to manufacture and market Vancomycin Hydrochloride for Injection USP, 500 mg/vial and 1 g/vial. This product is expected to be launched in the later part of the financial year ending March 2017. The approved abbreviated new drug application (ANDA) is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) Vancomycin Hydrochloride for Injection USP, 500 mg/vial and 1 g/vial, of Fresenius Kabi USA, LLC. Vancomycin Hydrochloride for Injection is an antibiotic used in the treatment of severe infections caused by susceptible strains of methicillin-resistant (Beta-lactam resistant) staphylococci and others. The approved product had an estimated market size of $94 million in the United States for the twelve months ended January 2016 according to IMS.
Separately, Aurobindo Pharma announced during market hours today, 1 April 2016 that it has received final approval from USFDA to manufacture and market Valganciclovir Tablets USP, 450 mg. This product is to be launched in Q1 June 2016. The approved ANDA is bioequivalent and therapeutically equivalent to RLD Valcyte of Hoffman-La Roche Inc. Valganciclovir Tablets is an anti-viral used in the treatment of Cytomegalovirus (CMV) retinitis in patients with acquired immunodeficiency syndrome and prevention of CMV disease in kidney, heart or kidney-pancreas transplant patients. The approved product had an estimated market size of $391 million in the United States for the twelve months ended February 2016 according to IMS.
Aurobindo Pharma is one of the four stocks that entered the Nifty 50 index with effect from today, 1 April 2016.
Aurobindo Pharma's consolidated net profit rose 39.2% to Rs 534.95 crore on 9.2% growth in net sales to Rs 3432.08 crore in Q3 December 2015 over Q3 December 2014.
Aurobindo Pharma manufactures generic pharmaceuticals and active pharmaceutical ingredients. The company's robust product portfolio is spread over 7 major therapeutic/product areas encompassing antibiotics, anti-retrovirals, CVS, CNS, gastroenterologicals, anti-allergies and anti-diabetics. The company is marketing these products globally, in over 150 countries.
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