Aurobindo Pharma gains on reports of USFDA nod for 2 generic drugs

Aurobindo Pharma rose 3.38% to Rs 669.95 at 14:02 IST on BSE on reports that the company received US drug regulator's approval for two of its generic drugs.

Meanwhile, the BSE Sensex was up 271.74 points, or 1.03%, to 26,637.89.

On the BSE, so far 95,000 shares were traded in the counter, compared with average daily volumes of 1.88 lakh shares in the past one quarter. The stock had hit a high of Rs 669.95 and a low of Rs 653.60 so far during the day.

The stock hit a record high of Rs 895 on 6 October 2016. The stock hit a 52-week low of Rs 582 on 25 February 2016. The stock had underperformed the market over the past 30 days till 29 December 2016, falling 12.41% compared with the 1.08% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 24.20% as against Sensex's 5.38% decline.

The large-cap company has equity capital of Rs 58.52 crore. Face value per share is Re 1.

According to reports, Aurobindo Pharma received US Food and Drug Administration's (USFDA) approval for Ziprasidone Hydrochloride and Indomethacin. Ziprasidone Hydrochloride, marketed by Pfizer, is used for the treatment of schizophrenia and acute mania. Indomethacin, which is currently marketed in India by Jubilant generics, is used to treat fever, swelling, pain and stiffness. The approval for the drug is in the strength of 75 mg.

On consolidated basis, Aurobindo Pharma's net profit rose 33.53% to Rs 605.64 crore on 12.13% growth in net sales to Rs 3713.58 crore in Q2 September 2016 over Q2 September 2015.

Aurobindo Pharma is an integrated pharma company. It has a presence in key therapeutic segments such as neurosciences, cardiovascular, anti-retrovirals, anti-diabetics, gastroenterology and cephalosporins, among others.

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