Aurobindo Pharma rose 1.59% to Rs 823.55 at 14:37 IST on BSE after the company said that it received final approval from the US drug regulator to sell Risedronate Sodium tablets, used in treating osteoporosis.
The announcement was made during trading hours today, 1 December 2015.
Meanwhile, the BSE Sensex was up 20.82 points, or 0.08%, to 26,166.49.
On BSE, so far 84,000 shares were traded in the counter, compared with an average volume of 1.44 lakh shares in the past one quarter.
The stock hit a high of Rs 828 and a low of Rs 809 so far during the day. The stock hit a record high of Rs 860.80 on 29 October 2015. The stock hit a 52-week low of Rs 490.50 on 26 February 2015.
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The stock had underperformed the market over the past one month till 30 November 2015, sliding 2.90% compared with 1.92% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 7.41% as against Sensex's 0.93% decline.
The large-cap company has an equity capital of Rs 58.40 crore. Face value per share is Re 1.
Aurobindo Pharma announced that it has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Risedronate Sodium tablets USP, 5 milligram (mg), 30 mg and 35 mg. This approval is an extension of tentative approval received on 10 October 2012. This product is ready for launch.
The approved abbreviated new drug application (ANDA) is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) ACTONEL Tablets of Warner Chilcott Co., LLC Risedronate Sodium tablets are used in the treatment of Osteoporosis. The approved product has an estimated market size of $113 million in the US for the twelve months ending October 2015 according to IMS.
Aurobindo now has a total of 219 ANDA approvals (191 Final approvals including 10 from Aurolife Pharma LLC and 28 Tentative approvals) from USFDA.
Aurobindo Pharma's consolidated net profit rose 21.4% to Rs 451.76 crore on 14.6% rise in net sales to Rs 3280.11 crore in Q2 September 2015 over Q2 September 2014.
Aurobindo Pharma manufactures generic pharmaceuticals and active pharmaceutical ingredients. The company is marketing these products globally, in over 150 countries.
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