Strides Shasun gained 4.68% to Rs 947.70 at 12:10 IST on BSE after the company announced that it has received approval from the US drug regulator for Ibuprofen Tablets USP, 200 mg (OTC).
The announcement was made during market hours today, 1 June 2017.Meanwhile, the S&P BSE Sensex was down 4.84 points, or 0.02%, to 31,141.10. The S&P BSE Mid-Cap index was up 69.18 points, or 0.47%, to 14,694.47.
On the BSE, 41,451 shares were traded in the counter so far, compared with average daily volume of 58,757 shares in the past one quarter. The stock had hit a high of Rs 950.50 and a low of Rs 903.05 so far during the day. The stock had hit a 52-week high of Rs 1,259 on 3 February 2017. The stock had hit a 52-week low of Rs 848.50 on 24 May 2017.
The stock had underperformed the market over the past one month till 31 May 2017, falling 15.51% compared with 4.1% gains in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 22.12% as against Sensex's 8.36% gains. The scrip had also underperformed the market in past one year, declining 18.65% as against Sensex's 16.79% gains.
The mid-cap company has equity capital of Rs 89.42 crore. Face value per share is Rs 10.
Strides Shasun announced that it has received approval from the United States Food & Drug Administration (USFDA) for Ibuprofen Tablets USP, 200 mg (OTC).
According to IRi data, the annual US market for Ibuprofen Tablets USP 200 mg (OTC) is about $520 million. The product will be marketed by Strides Pharma Inc in the US market under its OTC brand Nuprin.
Ibuprofen is used to relieve pain from various conditions such as headache, dental pain, muscle aches or arthritis. It is also used to reduce fever and to relieve minor aches and pain due to the common cold or flu. Ibuprofen is a nonsteroidal anti-inflammatory drug (NSAID).
Strides Shasun's consolidated net profit spurted 2877.4% to Rs 131.9 crore on 3.9% fall in net sales to Rs 888.41 crore in Q4 March 2017 over Q4 March 2016.
Strides Shasun is a vertically integrated global pharmaceutical company headquartered in Bangalore.
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