Shasun Pharmaceuticals rose 1.43% to Rs 403.65 at 13:30 IST on BSE after the company announced that it has received approval from the United States Food & Drug Administration for Carisoprodol Tablets 250 mg and 350 mg.
The company made announcement during market hours today, 16 November 2015.
Meanwhile, the BSE Sensex was up 109.21 points, or 0.43%, to 25,719.74.
On BSE, so far 15,924 shares were traded in the counter, compared with an average volume of 14,147 shares in the past one quarter.
The stock hit a high of Rs 408 and a low of Rs 395.60 so far during the day. The stock hit a record high of Rs 415.95 on 20 August 2015. The stock hit a 52-week low of Rs 205.40 on 13 November 2014.
The stock had outperformed the market over the past one month till 13 November 2015, rising 3.9% compared with 4.6% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 3.2% as against Sensex's 7.04% decline.
The mid-cap company has an equity capital of Rs 13.45 crore. Face value per share is Rs 2.
Shasun Pharmaceuticals said Carisoprodol Tablets 250 mg and 350 mg has annual sales of approximately $38 million in the US. While, the 350 mg has few generic players, Shasun expects to be the first marketed generic player in the $16 million Carisoprodol Tablets 250 mg opportunity. Carisoprodol is a muscle relaxer.
The product will be manufactured at the company's Pondicherry facility and distributed in the US through a partner. The product is expected to be launched shortly.
On a consolidated basis, Shasun Pharmaceuticals' net profit rose 5136% to Rs 13.09 crore on 5.6% rise in net sales to Rs 323.32 crore in Q2 September 2015 over Q2 September 2014.
Shasun is an integrated, leading global supplier of development and manufacturing services for intermediates, API (active pharmaceutical ingredients) and formulations to the pharmaceutical industry.
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