Venus Remedies rose 2.35% to Rs 213 at 9:25 IST on BSE, with the stock extending Wednesday's 3.68% gains triggered by the company entering into generics market in the Gulf with marketing authorization for Meropenem from Saudi Food and Drug Authority.
Meanwhile, the S&P BSE Sensex was down 141.65 points or 0.69% at 20,493.48.
On BSE, 3,356 shares were traded in the counter as against average daily volume of 37,000 shares in the past two weeks.
The stock hit a high of Rs 213.40 and a low of Rs 210 so far during the day.
Shares of Venus Remedies have risen 6.12% in two trading sessions from a recent low of Rs 200.70 on 19 November 2013 after the company during trading hours on Wednesday, 20 November 2013 said it has emerged as the first Indian company to enter the generics market in the Gulf with marketing authorization for Meropenem from the Saudi Food and Drug Authority. The stock had risen 3.68% to settle at Rs 208.10 on Wednesday, 20 November 2013.
Venus Remedies said it is planning to launch meropenem in Saudi Arabia, considered one of the most lucrative pharmaceutical markets in the world, early next year.
Venus Remedies said that the $35 million market for meropenem in Saudi Arabia offers a huge opportunity to it, and the company is aiming at capturing 25% share in this market within the first year of the launch itself.
Meropenem is an off-patented antibacterial agent of the carbapenem class of antibiotics, which caters to diseases with a broad range of serious infections caused by single or multiple susceptible bacteria in both adults and children.
Venus Remedies' net profit declined 0.6% to Rs 15 crore on 12.8% growth in net sales to Rs 124.53 crore in Q2 September 2013 over Q2 September 2012.
Venus Remedies is a pharmaceutical company. It is among the world's 10 leading fixed dosage injectables manufacturers. The company has a presence in 60 countries and covering more than 75 products.
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