Cadila Healthcare extends gains after receiving USFDA nod for drug

Cadila Healthcare rose 0.38% to Rs 505.30 at 10:05 IST on BSE, with the stock extending previous session's gains triggered by the company receiving final approval from the US drug regulator to market Itraconazole Capsules 100 mg.

The announcement was made at the fag end of the trading session yesterday, 21 September 2017. The stock had risen 3.46% to Rs 503.40 yesterday, 21 September 2017. The stock has risen 4.27% in three sessions to its ruling price, from a close of Rs 484.60 on 19 September 2017.

Meanwhile, the S&P BSE Sensex was down 260.30 points, or 0.8% to 32,109.74.

On the BSE, 15,163 shares were traded in the counter so far, compared with average daily volumes of 1.1 lakh shares in the past one quarter. The stock had hit a high of Rs 511.05 and a low of Rs 501.85 so far during the day. The stock had hit a record high of Rs 558 on 12 June 2017. The stock had hit a 52-week low of Rs 329.95 on 26 December 2016.

The stock had outperformed the market over the past one month till 21 September 2017, gaining 6.42% compared with the 3.55% gains in the Sensex. The scrip had, however, underperformed the market in past one quarter, dropping 3.31% as against Sensex's 3.47% gains. The stock had, however, outperformed the market over the past one year, gaining 28.94% compared with the 13.55% gains in the Sensex.

The large-cap company has equity capital of Rs 102.37 crore. Face value per share is Re 1.

Cadila Healthcare said that it has received final approval from the United States Food & Drug Administration (USFDA) to market Itraconazole Capsules 100 mg.

The drug is used to treat a variety of fungal infections and will be manufactured at the group's formulations manufacturing facility at Moraiya, Ahmedabad.

Cadila Healthcare's consolidated net profit fell 65.3% to Rs 138.40 crore on 3.6% fall in net sales to Rs 2135.70 crore in Q1 June 2017 over Q1 June 2016.

Cadila Healthcare is a global pharmaceutical company that discovers, develops, manufactures and markets a broad range of healthcare therapies.

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