Cadila Healthcare surges on USFDA nod for mineral supplement

Cadila Healthcare jumped 5.52% to Rs 415.95 after the company received US drug regulator's final approval for Potassium Chloride extended-release tablets.

Zydus Cadila has received final approval from the US Food and Drug Administration (USFDA) to market Potassium Chloride extended-release tablets in the strengths of 750 mg and 1500 mg.

The medication is a mineral supplement used to treat or prevent low amounts of potassium in the blood and will be manufactured at the group's formulation manufacturing facility at the SEZ, Ahmedabad.

The group now has 301 approvals and has so far filed over 390 ANDAs since the commencement of the filing process in FY 2003-04.

Separately, the media reported that Cadila is in talks with the Russian Direct Investment Fund (RDIF) to bring coronavirus vaccine Sputnik V in India. RDIF and Dr Reddy's Laboratories have joined hands on clinical trials and distribution of Sputnik V in India.

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

On a consolidated basis, the company's net profit surged 49.53% to Rs 454 crore on 4.20% rise in revenue from operations to Rs 3,549.30 crore in Q1 June 2020 over Q1 June 2019.

On the technical front, the stock's RSI (relative strength index) stood 65.083. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is currently trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 380.38, 364.91 and 319.62, respectively.

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