Granules India jumped 5.28% to Rs 153.65 after the company said it received US drug regulator's approval for Valganciclovir Hydrochloride for oral solution.
The Abbreviated New Drug Application (ANDA) was filed by Granules Pharmaceuticals Inc., a wholly owned foreign subsidiary of Granules India. Valganciclovir Hydrochloride solution, an antiviral medication used to treat cytomegalovirus infections, is a bioequivalent of Valcyte of Roche Palo Alto LLC. The announcement was made during market hours today.On a consolidated basis, Granules India's net profit rose 6.15% to Rs 64.02 crore on 11.42% increase in net sales to Rs 703.95 crore in Q3 December 2019 over Q3 December 2018.
Meanwhile, the company proposes to buyback upto 1.25 crore equity shares at Rs 200 per share, representing 4.92% of the total paid up equity capital of the company through tender offer.
Granules India is a pharmaceutical company producing finished dosages, pharmaceutical formulation intermediates and active pharmaceutical ingredients (APIs).
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