Venus Remedies rallied 9.92% to Rs 516.70 after the company received an approval from the Government of India under PLI 2.0 of the Production Linked Incentive (PLI) scheme for manufacturers of pharmaceutical goods registered in India.
Venus Remedies is one of the 10 non-MSME pharmaceutical companies under category-C which have been granted approval under the Production Linked Incentive (PLI) scheme. As per the scheme, the company will be eligible for incentive for the FY 2022-23 to 2027-28, subject to fulfilment of minimum investment criteria and based on incremental sales of eligible products as per the scheme guidelines.
Venus Remedies' consolidated net profit surged 77.7% to Rs 23.15 crore on a 60.7% jump in net sales to Rs 202.56 crore in Q2 FY22 over Q1 FY21.
Venus Remedies is a research and development driven global pharmaceutical company and among the leading injectable manufacturers in the world.
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