JB Chemicals & Pharmaceuticals rose 3.07% to Rs 97.50 at 10:28 IST on BSE after the company said it has received USFDA approval to its abbreviated new drug application for Tinidazole tablets.
The announcement was made during trading hours today, 22 October 2013.
Meanwhile, the S&P BSE Sensex was up 6.07 points or 0.03% at 20,899.96.
On BSE, 34,000 shares were traded in the counter as against average daily volume of shares in the past two weeks.
The stock hit a high of Rs 98.50 so far during the day, which is also its 52-week high for the counter. The stock hit a low Rs 94.75 so far during the day.
JB Chemicals & Pharmaceuticals (JBCPL) said it has received United States Food and Drug Administration (USFDA) approval to its abbreviated new drug application (ANDA) for Tinidazole (for treatment of bacterial infection) 250 mg and 500 mg tablets.
The company plans to launch this prescription product in Q4 this year. The company would manufacture these formulations at its state-of-the-art manufacturing facility at Panoli (Gujarat).
JBCPL said that the company's US business has shown good growth in the last two years. The approval for Tinidazole has potential to further strengthen this business. In addition, the company expects approval of few more ANDAs already filed with USFDA. The company also plans to file more ANDAs to support its US business.
JBCPL's net profit surged 371.7% to Rs 20.33 crore on 24% growth in net sales to Rs 229.17 crore in Q1 June 2013 over Q1 June 2012.
JBCPL is one of the India's leading pharmaceutical companies. The company manufactures & markets a diverse range of pharmaceutical formulations, herbal remedies and APIs. JBCPL exports to many countries worldwide with a strong presence in Russia, Ukraine, CIS countries and South Africa. The company continues to invest in growing its share in the regulated markets in USA, Europe and Australia. JBCPL has a strong R&D and regulatory set-up for development of new drug delivery system and formulations, filing of DMFs and ANDAs. Its state-of-the-art manufacturing facilities are approved by health authorities of regulated markets.
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