Granules India climbs after USFDA nod for generic

Granules India rose 3.92% to Rs 374.75 after the company said it received US drug regulator's approval of Naproxen Sodium and Diphenhydramine Hydrochloride tablets, 220 mg/25 mg (OTC).

The drug is generic equivalent of Aleve PM tablets of Bayer HealthCare LLC. It is used for relief of occasional sleeplessness associated with minor aches and pains and to help you fall asleep and stay asleep.

Granules now has a total of 31 abbreviated new drug application (ANDA) approvals from US Food and Drug Administration (29 final approvals and 2 tentative approvals).

In last one month, the stock has gained 20.36% as compared with 0.11% rise in Nifty Pharma index.

The counter hit a record high of Rs 395 in intraday trade today. The stock is up 302.96% from its 52-week low of Rs 93 touched on 15 October 2019.

Granules is a vertically integrated pharmaceutical company. It produces Finished Dosages (FDs), Pharmaceutical Formulation intermediates (PFls) and Active Pharmaceutical Ingredients (APIs) which gives the customers flexibility and choice.

The pharma major's consolidated net profit jumped 34% to Rs 111.44 crore on a 23.6% increase in revenue from operations to Rs 735.59 crore in Q1 June 2020 over Q1 June 2019.

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