Aurobindo Pharma gained 1.55% to Rs 769.35 at 11:05 IST on BSE after the company said that it has received final approval from the USFDA to manufacture Esomeprazole Magnesium Delayed-Release Capsules OTC, 20mg.
The announcement was made during market hours today, 17 October 2017.Meanwhile, the S&P BSE Sensex was up 21.28 points or 0.07% at 32,654.92.
On the BSE, 61,722 shares were traded on the counter so far as against the average daily volumes of 2.38 lakh shares in the past one quarter. The stock had hit a high of Rs 771.75 and a low of Rs 753.15 so far during the day. The stock had hit a 52-week high of Rs 844 on 19 October 2016 and a 52-week low of Rs 504 on 29 May 2017.
The stock has gained 5.08% in four sessions to its ruling price, from its close of Rs 732.15 on 11 October 2017.
The stock had underperformed the market over the past one month till 16 October 2017, falling 0.11% compared with the Sensex's 1.12% gains. The stock had also underperformed the market over the past one quarter, gaining 1.59% as against the Sensex's 1.91% rise. The scrip had also underperformed the market over the past one year, dropping 8.04% as against the Sensex's 17.92% rise.
The large-cap company has equity capital of Rs 58.59 crore. Face value per share is Re 1.
Aurobindo Pharma announced that the company has received final approval from the US Food & Drug Administration (USFDA) to manufacture Esomeprazole Magnesium Delayed-Release Capsules OTC, 20mg.
Esomeprazole Magnesium Delayed-Release Capsules OTC is a therapeutic equivalent generic version of AstraZeneca's Nexium 24HR Capsules. The product will be launched immediately.
Nexium 24HR (Esomeprazole Magnesium) capsules are indicated to treat frequent heartburn - occuring 2 or more days a week. The approved product has an approximate annual sales in excess of $300 million, according to IRI database.
This is the 127th abbreviated new drug application (ANDA), including 23 tentative approvals to be approved out of unit VII formulation facility in Hyderabad, India used for manufacturing oral products. Aurobindo now has a total of 335 ANDA approvals (296 final approvals including 16 from Aurolife Pharma LLC and 39 tentative approvals) from USFDA.
Aurobindo Pharma's consolidated net profit fell 11.4% to Rs 518.51 crore on 2.3% decline in net sales to Rs 3621.07 crore in Q1 June 2017 over Q1 June 2016.
Aurobindo Pharma manufactures generic pharmaceuticals and active pharmaceutical ingredients.
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