Cadila Healthcare gains after USFDA approval for drug

Cadila Healthcare rose 1.66% to Rs 508.40 at 12:41 IST on BSE after the company said it has received final approval from the US drug regulator to market Donepezil Hydrochloride tablets.

The announcement was made during trading hours today, 1 September 2017.

Meanwhile, the S&P BSE Sensex was up 138.95 points, or 0.44% to 31,869.44

On the BSE, 66,000 shares were traded in the counter so far, compared with average daily volumes of 1.42 lakh shares in the past one quarter. The stock had hit a high of Rs 512.60 and a low of Rs 502.55 so far during the day. The stock hit a record high of Rs 558 on 12 June 2017. The stock hit a 52-week low of Rs 329.95 on 26 December 2016.

The stock had underperformed the market over the past one month till 31 August 2017, falling 7.29% compared with 2.30% decline in the Sensex. The scrip had also underperformed the market in past one quarter, rising 1.12% as against Sensex's 1.46% rise. The scrip had also outperformed the market in past one year, gaining 33.2% as against Sensex's 11.63% rise.

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 the final approval from the USFDA to market Donepezil Hydrochloride tablets, in the strength of 23 mg. The drug is indicated for the treatment of dementia of the Alzheimer's disease. The drug will be manufactured at the group's formulations manufacturing facility at Moraiya Ahmedabad. The group has more than 140 approvals and has so far filed over 300 ANDAs since the commencement of the filing process in FY 2003-04, Cadila Healthcare said.

Cadila Healthcare's consolidated net profit fell 65.26% to Rs 138.40 crore on 3.64% fall in net sales to Rs 2135.70 crore in Q1 June 2017 over Q1 June 2016.

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

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