Ajanta Pharma nudges higher after launch of drug in US

Ajanta Pharma rose 1.8% to Rs 1,626.90 at 13:01 IST on BSE after the company said it has received final approval from US Food and Drug Administration for launch of Omeprazole and Sodium Bicarbonate Capsules in the US market.

The announcement was made during market hours today, 18 July 2016.

Meanwhile, the S&P BSE Sensex was up 156.48 points or 0.56% at 27,992.98.

On BSE, so far 27,000 shares were traded in the counter as against average daily volume of 14,437 shares in the past one quarter. The stock hit a high of Rs 1,647 and a low of Rs 1,593.90 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 1,103 on 18 January 2016. The stock had outperformed the market over the past one month till 15 July 2016, gaining 4.22% compared with Sensex's 4.15% rise. The scrip had, however, underperformed the market in past one quarter, advancing 8.07% as against Sensex's 8.62% rise.

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

Omeprazole and Sodium Bicarbonate Capsules is a bioequivalent prescription generic version of Zegerid and the company has launched the product in 2 strengths viz. 20mg/1100mg & 40mg/1100mg capsules.

On a consolidated basis, net profit of Ajanta Pharma rose 43.4% to Rs 106.31 crore on 15.3% rise in net sales to Rs 419.20 crore in Q4 March 2016 over Q4 March 2015.

Ajanta Pharma is a specialty pharmaceutical formulation company with global headquarters in Mumbai. The company is engaged in developing, manufacturing and marketing of quality finished dosages across 30 plus countries.

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