Wockhardt rose 1.17% to Rs 612.10 at 9:20 IST on BSE after the company said it received final approval from the US drug regulator for Olopatadine HCl eye drops.
The announcement was made after market hours yesterday, 3 July 2017.Meanwhile, the S&P BSE Sensex was up 29.49 points, or 0.09% to 31,251.11.
On the BSE, 31,000 shares were traded in the counter so far, compared with average daily volumes of 1.65 lakh shares in the past one quarter. The stock had hit a high of Rs 615.30 and a low of Rs 606.50 so far during the day. The stock hit a 52-week high of Rs 1,129 on 21 July 2016. The stock hit a 52-week low of Rs 555 on 22 June 2017.
The stock had underperformed the market over the past one month till 3 July 2017, falling 3.49% compared with 0.17% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 20.93% as against Sensex's 4.38% rise. The scrip had also underperformed the market in past one year, falling 36.48% as against Sensex's 14.45% rise.
The mid-cap company has equity capital of Rs 55.28 crore. Face value per share is Rs 5.
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Wockhardt said it has received final approval from the United States Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for 0.1% ophthalmic solution of Olopatadine HCI. The eye drop Olopatadine HCI 0.1% ophthalmic solution is a generic version of Patanol, marketed in the United States by Alcon, a subsidiary of Novartis. The product will be manufactured at a USFDA approved contract manufacturing organization, based in Montreal, Canada.
Wockhardt reported consolidated net loss of Rs 174.72 crore in Q4 March 2017, sharply higher than net loss of Rs 5.38 crore in Q4 March 2016. Wockhardt's consolidated net sales fell 14.5% to Rs 863.53 crore in Q4 March 2017 over Q4 March 2016.
Wockhardt is a global pharmaceutical and biotech company with presence in USA, UK, Ireland, Mexico, Russia and many other countries.
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