Claris Lifesciences rose 2.15% to Rs 185.50 at 9:19 IST on BSE, with the stock extending Thursday's 3.56% gains triggered by the company receiving MHRA nod for its newly commissioned plant.
Meanwhile, the S&P BSE Sensex was up 109.08 points or 0.41% at 26,469.19.
On BSE, so far 6,165 shares were traded in the counter as against average daily volume of 1.08 lakh shares in the past two weeks.
The stock hit a high of Rs 187 and a low of Rs 184.50 so far during the day.
Shares of Claris Lifesciences have gained 5.78% in two trading sessions from Rs 175.35 on 20 August 2014, after the company before market hours on Thursday, 21 August 2014 said it has received MHRA approval for its newly commissioned plant (plant 2). The stock had risen 3.56% to settle at Rs 181.60 on Thursday, 21 August 2014.
Claris Lifesciences said that the nod from MHRA will help in enhancing capacities to grow in the regulated markets, especially the European Union. The company's specialty injectables business saw a growth of 30% in the last quarter, Claris Lifesciences said in a statement.
As on 30 June 2014, the company had approvals of 13 ANDAs in US, 14 molecules in the Europe and 11 molecules in other regulated markets (ORM), additionally, there are 28 ANDAs in the US, 8 molecules in Europe and 10 molecules in ORM, which are filed and awaiting approval. The company is currently functioning at high capacity utilization and is adding capacities in plant 2 to service future demands. To sustainably grow, attaining the required regulatory approvals is one of the key growth drivers; and the company has a large pipeline of products; which includes the under approval and the products currently under development, the company said in a statement.
The company's flagship plant (plant 1) is already approved by MHRA-UK. This is the first regulatory inspection and compliance approval conducted by MHRA-UK in line with the EU GMP regulations for Plant 2, this approval is for Terminally Sterilized products presented in glass ampoules manufactured in Line 1 of the plant 2.
The company has plans to install another line in this new plant (plant 2) which will be ready for commercial production by the end of this year. The existing line has capabilities to manufacture Aseptic Sterilized products as well, and the new line will have the capability to manufacture Lyophilized Products, Claris Lifesciences added.
Claris Lifesciences' consolidated net profit fell 14.7% to Rs 15.48 crore on 25.3% decline in net sales to Rs 151.05 crore in Q2 June 2014 over Q2 June 2013.
Claris Lifesciences is one of the largest sterile injectables pharmaceutical companies in India. The company manufactures and markets products across various therapeutic segments including anesthesia, plasma volume expanders, blood products, parental & enternal nutrition, infusion therapy, anti-infective and renal care.
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