Strides Arcolab rose 3.21% to Rs 543.60 at 12:16 IST on BSE, with the stock extending Friday's 13.03% rally triggered by the firm's manufacturing facility in Bangalore being approved by the US health regulator after a successful audit of the plant.
Meanwhile, the S&P BSE Sensex was down 40.61 points or 0.18% at 22,647.46.
On BSE, so far 3.66 lakh shares were traded in the counter as against average daily volume of 1.03 lakh shares in the past one quarter.
The stock hit a high of Rs 558.65 and a low of Rs 525 so far during the day.
The stock had outperformed the market over the past one month till 25 April 2014, advancing 39.71% compared with the Sensex's 2.87% rise. The scrip had also outperformed the market in past one quarter, jumping 37.39% as against Sensex's 7.36% rise.
The small-cap company has equity capital of Rs 59.57 crore. Face value per share is Rs 10.
Shares of Strides Arcolab have rallied 16.65% in two trading sessions from Rs 466 on 23 April 2014 after the company before market hours on Friday, 25 April 2014 said its manufacturing facility in Bangalore has been approved by the US health regulator after a successful audit of the plant. The stock had rallied 13.03% to settle at Rs 526.70 on Friday, 25 April 2014.
Strides Arcolab said that its Oral Dosage Forms manufacturing site (KRS Gardens) in Bangalore was recently inspected by the US Food and Drug Administration (USFDA) as part of GMP compliance audit and the facility continues to be approved.
The last USFDA inspection and approval for this facility was in the year 2011. The KRS Gardens facility in Bangalore manufactures oral dosage forms such as tablets, capsules (both hard gelatine and soft gelatine) and sachets. The manufacturing plant supports important current and future submissions for the US Market, the company said.
Strides Arcolab's net profit galloped 4668.3% to Rs 3525.24 crore on 58% growth in net sales to Rs 240.24 crore in Q4 December 2013 over Q4 December 2012.
Strides Arcolab develops and manufactures a wide range of IP-led niche pharmaceutical products. The company has 5 manufacturing facilities present in more than 75 countries in developed and emerging markets.
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