Granules India advances after getting USFDA approval for Ibuprofen tablets

Granules India gained 3.99% to Rs 120 at 09:55 IST on BSE after the USFDA approved its ANDA for Ibuprofen tablets USP, 400 mg, 600 mg and 800 mg.

The announcement was made after market hours on Wednesday, 16 September 2015.

Meanwhile, the BSE Sensex was up 326.40 points, or 1.26%, to 26,290.37

On BSE, so far 1.98 lakh shares were traded in the counter, compared with an average volume of 7.35 lakh shares in the past one quarter.

The stock hit a high of Rs 123 and low of Rs 119.50 so far during the day. The stock hit a record high of Rs 134 on 20 August 2015. The stock hit a 52-week low of Rs 70.82 on 16 December 2014.

The small-cap pharmaceutical manufacturing company has an equity capital of Rs 20.52 crore. Face value per share is Rs 1.

C Krishna Prasad, Chairman & Managing Director of Granules India said that United States Food & Drug Administration (USFDA) completed the review of Ibuprofen Abbreviated New Drug Application (ANDA) filed by the company and has given its final approval. It will further strengthen the company's base business and enable it to increase product offering to customers in USA, C Krishna Prasad said.

Granules India's consolidated net profit rose 18.7% to Rs 27.15 crore on 11.8% growth in total income to Rs 348.07 crore in Q1 June 2015 over Q1 June 2014.

Granules India produces finished dosages, pharmaceutical formulation intermediates and active pharmaceutical ingredients.

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