Strides Arcolab surged 4.98% to Rs 923.90 at 11:15 IST on BSE, with the stock extending recent gains triggered by the company receiving United States Food and Drug Administration approval for Beltapharm's facility at Milan, Italy.
Meanwhile, the S&P BSE Sensex was down 285.93 points or 1.41% at 19,977.78.
On BSE, 91,000 shares were traded in the counter as against average daily volume of 82,538 shares in the past one quarter.
The stock hit a high of Rs 955 and a low of Rs 895 so far during the day. The stock hit a record high of Rs 1,224.90 on 5 December 2012. The stock hit a 52-week low of Rs 552.65 on 1 August 2013.
The stock had underperformed the market over the past one month till 20 September 2013, surging 9.7% compared with the Sensex's 11.06% jump. The scrp had also underperformed the market in the past one quarter, advancing 3.04% as against Sensex's 8.25% rise.
The mid-cap company has equity capital of Rs 59.11 crore. Face value per share is Rs 10.
Shares of Strides Arcolab have risen 9.07% in four trading sessions from a recent low of Rs 847 on 17 September 2013, after the company during trading hours on 18 September 2013 said it has received United States Food and Drug Administration (USFDA) approval for Beltapharm's facility at Milan, Italy. This state-of-the-art, EU and TGA (Australia) approved facility manufactures liquids, semi-solids, ointments and creams. Strides Arcolab said it expects its first approval of a niche semisolid product by Q1 2014.
Strides is developing a portfolio of liquids and semi-solids products for the US and EU markets and currently has over 12 products at various stages of development/approvals. Strides already sell semi-solids in the UK market.
Strides Arcolab reported a net profit of Rs 2.16 crore in Q2 June 2013, as against net loss of Rs 19.90 crore in Q2 June 2012. Net sales declined 7.3% to Rs 150.83 crore in Q2 June 2013 over Q2 June 2012.
Strides Arcolab is a global pharmaceutical company headquartered in Bangalore. The company develops and manufactures a wide range of IP-led niche pharmaceutical products with an emphasis on sterile injectables. The company has 14 manufacturing facilities across 6 countries with presence in more than 75 countries in developed and emerging markets.
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