Cipla rose 1.44% to Rs 578.60 at 12:30 IST on BSE after the company said it received final approval for generic Baraclude tablets from the US drug regulator.
The announcement was made during market hours today, 8 December 2016.Meanwhile, the S&P BSE Sensex was up 378.42 points or 1.44% at 26,615.29.
On the BSE, 63,186 shares were traded in the counter so far as against average daily volume of 1.57 lakh shares in the past one quarter. The stock had hit a high of Rs 578.60 and a low of Rs 571 so far during the day. The stock had hit a 52-week high of Rs 660 on 29 December 2015. The stock had hit a 52-week low of Rs 458.25 on 25 May 2016.
The stock had outperformed the market over the past one month till 7 December 2016, gaining 4.52% compared with the Sensex's 4.45% fall. The scrip had also outperformed the market in past one quarter, declining 1.78% as against the Sensex's 9.3% fall.
The large-cap company has equity capital of Rs 160.85 crore. Face value per share is Rs 2.
Cipla announced that it received final approval for its abbreviated new drug application (ANDA) for Entecavir Tablets USP 0.5 mg and 1 mg, from the United States Food and Drug Administration (USFDA).
Entecavir Tablets, USP 0.5 mg and 1 mg, are AB-rated generic equivalents of Bristol-Myers Squibb's Baraclude tablets 0.5 mg and 1 mg and are a Hepatitis B virus nucleoside analog reverse transcriptase inhibitor indicated for the treatment of chronic Hepatitis B virus infection.
Baraclude Tablets and generic equivalents had annual US sales of approximately $206 million for the 12 month period ending October 2016, according to IMS Health. The product will cater to the US market and will be commercially available in the coming weeks.
On a consolidated basis, Cipla's net profit dropped 34.7% to Rs 354.34 crore on 8.7% rise in net sales to Rs 3671.88 crore in Q2 September 2016 over Q2 September 2015.
Cipla is a global pharmaceutical company.
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