Strides Shasun rose 2.62% to Rs 1,069.60 at 13:20 IST on BSE after the company said that it has received tentative approval from the United States Food & Drug Administration for Efavirenz Tablet USP, 600 mg.
The announcement was done during market hours today, 26 May 2016.Meanwhile, the BSE Sensex was up 212.31 points, or 0.82%, to 26,093.48.
On BSE, so far 36,452 shares were traded in the counter, compared with an average volume of 57,955 shares in the past two weeks. The stock hit a high of Rs 1,071.95 and a low of Rs 1,032.55 so far during the day. The stock hit a record high of Rs 1,412.45 on 23 November 2014. The stock hit a 52-week low of Rs 848 on 29 February 2016. The stock had underperformed the market over the past one month till 25 May 2016, falling 5.26% compared with 0.79% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 17.69% as against Sensex's 12.64% rise.
The large-cap company has an equity capital of Rs 89.27 crore. Face value per share is Rs 10.
Strides Shasun said that the final approval from the United States Food & Drug Administration (USFDA) will be received after patent expiry in August 2018. According to IMS data, the US market for Efavirenz 600 mg Tablet is approximately $150 million. The product will be manufactured at the company's oral dosage facility at Bangalore and marketed by Strides in the US market. Efavirenz Tablet is indicated for the treatment of Human immunodeficiency Virus Type 1 (HIV-1) infected adults and adolescents,
Strides Shasun's consolidated net profit rose 744% to Rs 96.22 crore on 212.3% rise in net sales to Rs 961.20 crore in Q4 March 2016 over Q4 March 2015.
Strides Shasun is a pharmaceutical company with a key focus on development and manufacture of IP-led niche generics and bio-pharmaceuticals. It is also among the world's largest manufacturers of specialty soft gelatin capsules.
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