Granules India rose 3.46% to Rs 121 at 14:30 IST on BSE after the company's wholly owned subsidiary, Granules USA entered into an agreement with Par Pharmaceutical Inc., to market generic version of Omeprazole and sodium bicarbonate.
The announcement was made by the company during market hours today, 21 January 2016.Meanwhile, the BSE Sensex was down 85.21 points, or 0.35%, to 23,976.83.
On BSE, so far 2.14 lakh shares were traded in the counter, compared with an average volume of 2.3 lakh shares in the past one quarter. The stock hit a high of Rs 123 and low of Rs 118.15 so far during the day. The stock hit a record high of Rs 164.45 on 1 December 2015. The stock hit a 52-week low of Rs 75.20 on 28 April 2015. The stock had underperformed the market over the past one month till 20 January 2016, sliding 24.21% compared with Sensex's 5.71% fall. The scrip had also underperformed the market in past one quarter, skidding 23.36% as against Sensex's 11.88% fall.
The mid-cap company has an equity capital of Rs 20.94 crore. Face value per share is Re 1.
Granules India said that its wholly owned subsidiary, Granules USA has entered into an agreement with Par Pharmaceutical Inc., a subsidiary of Endo International plc to market the generic version of OTC omeprazole and sodium bicarbonate in North America following approval by the United States Food & Drug Administration (USFDA). The product is expected in July 2016. Par Pharmaceutical's omeprazole and sodium bicarbonate is the generic equivalent of Merck/MSD Consumer Care, Inc's Zegerid OTC.
Omeprazole is a proton pump inhibitor that decreases the production of stomach acid. Sodium bicarbonate is an antacid that raises stomach pH to keep the Omeprazole from breaking down in stomach acid.
On consolidated basis, Granules India's net profit rose 40.3% to Rs 30.98 crore on 19.1% rise in net sales to Rs 366.44 crore in Q2 September 2015 over Q2 September 2014.
Granules India produces finished dosages, pharmaceutical formulation intermediates and active pharmaceutical ingredients.
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