AstraZeneca gains after getting approval for diabetes drug

AstraZeneca Pharma India gained 2.34% to Rs 969.15 at 10:51 IST on BSE after the company received approval from the Drug Controller General of India to market diabetes drug.

The announcement was made after trading hours yesterday, 17 October 2017.

Meanwhile, the S&P BSE Sensex was down 97.59 points, or 0.3% to 32,511.57. The S&P BSE Small-Cap index was up 21.89 points, or 0.13% to 17,088.04.

On the BSE, 1,748 shares were traded in the counter so far, compared with average daily volumes of 8,062 shares in the past one quarter. The stock had hit a high of Rs 989.80 and a low of Rs 968.45 so far during the day. The stock had hit a 52-week high of Rs 1,092.35 on 18 April 2017. The stock had hit a 52-week low of Rs 882.55 on 22 August 2017.

The stock had underperformed the market over the past one month till 17 October 2017, falling 3.24% compared with 1.04% gains in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 0.73% as against Sensex's 1.67% rise. The scrip had also underperformed the market in past one year, falling 2.44% as against Sensex's 18.45% rise.

The small-cap company has equity capital of Rs 5 crore. Face value per share is Rs 2.

AstraZeneca Pharma India said that the company has received Import and Market Permission in Form 45 (Marketing Authorization) from the Drug Controller General of India for FDC of Dapagliflozin + Metformin Hydrochloride (Extended Release) film coated tablets (XIGDUO XR).

The FDC of Dapagliflozin + Metformin Hydrochloride (Extended Release) film coated tablets (XIGDUO XR) is indicated as an ajunct to diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus when treatment with both dapagliflozin and metformin is appropriate.

Astrazeneca Pharma India's net profit dropped 53.97% to Rs 5.80 crore on 8.64% fall in net sales to Rs 127.48 crore in Q1 June 2017 over Q1 June 2016.

AstraZeneca Pharma India is a subsidiary of AstraZeneca Plc, UK. It covers manufacturing, sales and marketing activities of the company in India. The company has an innovative portfolio in crucial areas of healthcare including cardiovascular and & metabolic diseases, oncology and respiratory.

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