Venus Remedies surged 3.64% to Rs 208 at 15:21 IST on BSE after the company 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 announcement was made during trading hours today, 20 November 2013.
Meanwhile, the S&P BSE Sensex was down 262.04 points or 1.25% at 20,628.78.
On BSE, 49,000 shares were traded in the counter as against average daily volume of 33,000 shares in the past two weeks.
The stock hit a high of Rs 218 and a low of Rs 201.20 so far during the day.
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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