Abbott India spurts after US parent launches rapid Covid-19 test kit

Abbott India surged 8.19% to Rs 15290 after the company's US-based parent, Abbott, launched molecular point-of-care test to detect novel coronavirus.

The scrip surged 19.36% to hit the day's high at Rs 16869, which is also a 52-week high for the counter.

US-based Abbott on Friday, 27 March 2020, announced that the US Food and Drug Administration (USFDA) has issued Emergency Use Authorization (EUA) for the fastest available molecular point-of-care test for the detection of novel coronavirus (COVID-19), delivering positive results in as little as five minutes and negative results in 13 minutes.

The test will run on the company's ID NOW platform, providing rapid results in a wide range of healthcare settings such as physicians' offices, urgent care clinics and hospital emergency departments.

The ID NOW platform is small, lightweight (6.6 pounds) and portable (the size of a small toaster), and uses molecular technology, which is valued by clinicians and the scientific community for its high degree of accuracy. ID NOW is already the most widely available molecular point-of-care testing platform in the US currently.

Abbott will be making ID NOW COVID-19 tests available to healthcare providers in urgent care settings in the US, where the majority of ID NOW instruments are in use today. The company is working with the administration to deploy tests to areas where they can have the greatest impact.

Abbott India has a portfolio of science-based offerings in diagnostics, medical devices, nutritionals and branded generic pharmaceuticals. Its business operations are divided into four business divisions: women's health & gastrointestine, gastroenterology and hepatic care; specialty care; gennext & vaccines, and consumer care.

Abbott India's standalone net profit rose 59.5% to Rs 186.69 crore on a 13.8% rise in net sales to Rs 1,078.25 crore in Q3 December 2019 over Q3 December 2018.

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