Venus Remedies rose 1.52% to Rs 267.10 at 11:44 IST on BSE, with the stock extending Wednesday's 5.3% rally triggered by the company receiving marketing authorisation from Swiss drug authority for anti-cancer drug Gemcitabine.
Meanwhile, the S&P BSE Sensex was up 90.02 points or 0.34% at 26,404.31.
On BSE, so far 25,000 shares were traded in the counter as against average daily volume of 34,212 shares in the past one quarter.
The stock hit a high of Rs 271.05 and a low of Rs 264.70 so far during the day. The stock had hit a 52-week high of Rs 350 on 28 April 2014. The stock had hit a 52-week low of Rs 162.30 on 20 August 2013.
The stock had underperformed the market over the past one month till 20 August 2014, sliding 0.77% compared with Sensex's 2.62% rise. The scrip had also underperformed the market in past one quarter, declining 14.41% as against Sensex's 7.95% rise.
The small-cap company has equity capital of Rs 11.44 crore. Face value per share is Rs 10.
Shares of Venus Remedies have risen 6.9% in two trading sessions from a recent low of Rs 249.85 on 19 August 2014, after the company during market hours on Wednesday, 20 August 2014 said it has received marketing authorisation from Swiss drug authority for anti-cancer drug Gemcitabine. The stock had jumped 5.3% to settle at Rs 263.10 on Wednesday, 20 August 2014.
Venus Remedies said it received its first marketing authorization (MA) in Switzerland from Swiss drug authority (Swissmedic) for Gemcitabine 200 milligram (mg) & 1 gram injection through Venus Pharma GmbH. This market approval of critically important oncology drug Gemcitabine injection will help Venus to strengthen its oncology portfolio. The company is planning to launch this product in early next quarter within this fiscal year to expand its presence in the oncology space. Venus Pharma GmbH the German subsidary will carry out complete analysis of the goods. The product will be launched in Switzerland market by Swiss Pharma GmbH with whom Venus has a marketing tie up, the company said in a statement.
Venus Remedies' net profit fell 33.05% to Rs 10.25 crore on 4.61% decline in net sales to Rs 120.81 crore in Q1 June 2014 over Q1 June 2013.
Venus Remedies is a fully integrated pharmaceutical company. It manufactures products in critical care segments such as anti cancer, anti infective, neurology, skin & wound care, and pain management.
Powered by Capital Market - Live News
