IOL Chemicals and Pharmaceuticals rallied 6.49% to Rs 352.20 after the company said it secured a patent for an improved safe process for the preparation of Sartan drugs of Formula I.
The company informed, "Controller of Patent, Indian Patent Office, Government of India has granted Patent for invention entitled AN IMPROVED SAFE PROCESS FOR THE PREPARATION OF SARTAN DRUGS OF FORMULA I."Valsartan, Losartan, Irbesartan, Olmesartan, Candesartan and other Sartan drugs are a class of medicines known as Angiotensin II Receptor blocker (ARBs) used to treat high blood pressure and heart failure.
IOL Chemicals & Pharmaceuticals is engaged in the manufacturing and selling of Pharmaceutical and Chemical products. The company caters to both domestic and international market.
On standalone basis, the company's net profit declined 49.2% to Rs 15.67 crore on 0.7% rise in net sales to Rs 541.41 crore in Q2 FY23 over Q2 FY22.
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