Strides Shasun gained 0.98% to Rs 966.95 at 14:25 IST on BSE after the company announced that it has received approval from the United States Food & Drug Administration for Ranitidine Tablets.
The announcement was made during market hours today, 24 August 2016.Meanwhile, the S&P BSE Sensex was down 18.75 points or 0.07% at 27,971.46.
High volumes were witnessed on the counter. On BSE, so far 5.12 lakh shares were traded in the counter as against average daily volume of 39,803 shares in the past one quarter. The stock hit a high of Rs 981 and a low of Rs 957 so far during the day. The stock had hit record high of Rs 1,412.45 on 23 November 2015. The stock had hit a 52-week low of Rs 848 on 29 February 2016. The stock had underperformed the market over the past one month till 23 August 2016, sliding 18.05% compared with 0.67% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 9.37% as against Sensex's 10.94% rise.
The large-cap company has an equity capital of Rs 89.37 crore. Face value per share is Rs 10.
Ranitidine Tablets USP, 150 mg and 300 mg is the first integrated product approval where the active pharmaceutical ingredients (API) and formulations will be manufactured at erstwhile Shashun Pharmaceutical's Cuddalore and Pondicherry facilities respectively. It may be recalled that Strides Arcolab had announced acquisition of Shasun Pharma on 29 September 2014 and the merged company's name was later changed to Strides Shasun.
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According to IMS June 2016 data, annual sales for Ranitidine Tables USP, 150 mg and 300 mg is around $125 million in US market. The product will be launched and marketed immediately by Strides Pharma Inc. in the US market.
Strides Shasun's consolidated net profit rose 145.2% to Rs 26.04 crore on 44.6% rise in net sales to Rs 844.62 crore in Q1 June 2016 over Q1 June 2015.
Strides Shasun is a vertically integrated global pharmaceutical company headquartered in Bangalore. The company has four business verticals, viz., regulated markets, emerging markets, institutional business and pharmaceutical services & active ingredients.
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