Aurobindo Pharma gains after divesting stake in step-down Australian subsidiary

Aurobindo Pharma rose 1.12% to Rs 1,339.40 at 14:52 IST on BSE after the company divested its step-down subsidiary, Aurobindo Pharma (Australia) Pty to Eris Pharma Australia Pty.

The announcement was made during market hours today, 10 April 2015.

Meanwhile, the BSE Sensex was down 50.20 points, or 0.17%, to 28,835.01

On BSE, so far 1.17 lakh shares were traded in the counter, compared with an average volume of 1.23 lakh shares in the past one quarter.

The stock hit a high of Rs 1,347 and a low of Rs 1,314.10 so far during the day. The stock had hit a record high of Rs 1,382.25 on 8 April 2015. The stock hit a 52-week low of Rs 528 on 17 April 2014.

The large-cap company has an equity capital of Rs 29.20 crore. Face value per share is Re 1.

Aurobindo Pharma said that the company has divested its step-down subsidiary, Aurobindo Pharma (Australia) Pty to Eris Pharma Australia Pty. Aurobindo Pharma will, however, under an agreement continue to manufacture and supply the products to Eris Pharma for Australian and New Zealand market over next few years. This divestment is in line with the company's strategy of focusing on US, EU and key emerging markets, Aurobindo Pharma said. This subsidiary was not contributing any profit to the company, it added.

Aurobindo Pharma during market hours yesterday, 9 April 2015 said that the company has received final approvals from the US Food & Drug Administration (USFDA) to manufacture and market Atracurium Besylate Injection, 10mg/mL, 5mL single-dose vials (ANDA 206010) and 10mg/mL, 10mL multi-dose vials (ANDA 206011).

On a consolidated basis, Aurobindo Pharma's net profit declined 7.9% to Rs 384.35 crore on 49.3% growth in total income to Rs 3202.08 crore in Q3 December 2014 over Q3 December 2013.

Aurobindo Pharma manufactures generic pharmaceuticals and active pharmaceutical ingredients.

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