Ajanta Pharma gains after launching product in US

Ajanta Pharma gained 1.61% to Rs 1,356.05 at 10:00 IST on BSE after the company said that its US subsidiary, Ajanta Pharma USA Inc. launched Montelukast Sodium Oral Granules (4mg), in the US market.

The company made announcement after market hours yesterday, 16 November 2015.

Meanwhile, the S&P BSE Sensex was up 68.99 points or 0.27% at 25,828.75.

On BSE, so far 12,098 shares were traded in the counter as against average daily volume of 21,129 shares in the past one quarter.

The stock hit a high of Rs 1,370 and low of Rs 1,352 so far during the day. The stock had hit a record high of Rs 1,720 on 12 August 2015. The stock had hit a 52-week low of Rs 842 on 17 November 2014.

The stock had underperformed the market over the past one month till 16 November 2015, sliding 11.48% compared with Sensex's 5.34% fall. The scrip had also underperformed the market in past one quarter, dropping 19.44% as against Sensex's 8.22% drop.

The large-cap company has equity capital of Rs 17.60 crore. Face value per share is Rs 2.

Ajanta Pharma said Montelukast Sodium Oral Granules (4mg), is a bioequivalent generic version of SINGULAIR Granules. The company offers Montelukast Granules in cartons containing 30 individual sachets. The approval and launch of the Montelukast Granules is part of an ever-growing portfolio that Ajanta Pharma has developed for the US market, the company said. To date, the United States Food and Drug Administration (USFDA) has granted five abbreviated new drug applications (ANDA) final approvals and two ANDA tentative approvals, Ajanta Pharma said. An additional 19 ANDAs are pending approval from the USFDA, the company added.

Ajanta Pharma's consolidated net profit rose 20.4% to Rs 99.96 crore on 18.8% growth in net sales to Rs 434.47 crore in Q2 September 2015 over Q2 September 2014.

Ajanta Pharma is an established pharmaceutical formulation company with clear focus on fast growing therapeutic segments of Cardiology, Ophthalmology, Dermatology and Pain Management in the Indian market and is among the fastest growing in the country.

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