Bafna Pharmaceuticals hit an upper circuit of 5% at Rs 135.15 after the UK drug regulator approved the company's two newly added automated packaging lines.
In a regulatory filing made after market hours yesterday, the company said that it had added two fully automated packaging lines to its existing capacity.
The aforementioned packaging lines have been approved by the UK-MHRA (Medicines and Healthcare products Regulatory Agency) for the United Kingdom and the European Union (EU).
Commenting on the approval, Mahaveer Chand Bafna, CEO of Bafna Pharmaceuticals, said: "The approval from UK- MHRA will provide further momentum to our already expanding business in the UK, Europe and other regulated markets. This approval will enable Bafna Pharma to increase its output and consequentially generate higher revenue and profits.
Bafna Pharmaceuticals is engaged in manufacture of pharmaceutical products. It reported a standalone net profit of Rs 0.90 crore in Q3 FY21 as compared to a net loss of Rs 22.33 crore in Q3 FY20. Net sales rose 59.93% YoY to Rs 17.48 crore during the quarter.
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