Strides Arcolab fell 1.27% to Rs 910 at 13:48 IST on BSE, with the stock recovering from intraday low after the company announced securing USFDA approval for Calcitriol Softgel Capsules.
The announcement was made during market hours today, 16 December 2014.
Meanwhile, the BSE Sensex was down 368.51 points, or 1.35%, to 26,951.05
On BSE, so far 1.13 lakh shares were traded in the counter, compared with an average volume of 1.20 lakh shares in the past one quarter.
The stock was volatile. The stock lost as much as 4.41% at the day's low of Rs 881 so far during the day. The stock rose as much as 0.72% at the day's high of Rs 928.35 so far during the day. The stock hit a 52-week high of Rs 999 on 5 December 2014. The stock hit a 52-week low of Rs 343.80 on 26 February 2014.
The stock had outperformed the market over the past one month till 15 December 2014, rising 31.9% compared with 2.59% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 24.29% as against Sensex's 1.88% rise.
The mid-cap company has an equity capital of Rs 59.57 crore. Face value per share is Rs 10.
Strides Arcolab said that the company has received approval from the United States Food & Drug Administration (USFDA) for Calcitriol Softgel Capsules in 0.25 microgram (mcg) and 0.5 mcg strengths. Calcitriol is a Vitamin D capsule, used in patients with kidney disease who can't make enough of the active form of Vitamin D. This medication is also used to prevent and treat certain types of calcium/phosphorus/parathyroid problems that can happen with long-term kidney dialysis or hypoparathyroidism. Calcitriol is usually used along with specific diet recommendations and sometimes other medications.
According to IMS data, the US market for generic Calcitriol Softgel Capsules is approximately $50 million, with only three players having approval for both the strengths of Calcitriol. The product will be manufactured at the company's oral dosage facility at Bangalore. The company said that the product would be launched shortly.
Strides Arcolab's net profit surged 15146.4% to Rs 338.47 crore on 184.5% growth in total income to Rs 641.52 crore in the quarter ended 30 September 2014 over the quarter ended 30 September 2013.
Strides Arcolab is a global pharmaceutical company headquartered in Bangalore, India that develops and manufactures a wide range of IP-led niche pharmaceutical products. The company has 8 manufacturing facilities in more than 75 countries in developed and emerging markets.
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