Granules India inches up after FDA nod for drug application

Granules India rose 0.74% at Rs 109.10 at 9:17 IST on BSE after the company received approval for its abbreviated new drug application from the US drug regulator.

The announcement was made after market hours yesterday, 19 March 2018.

Meanwhile, the S&P BSE Sensex was down 50.05 points or 0.15% at 32,873.07. The S&P BSE Small-Cap index fell 0.47%, underperforming the Sensex.

On the BSE, 4,435 shares were traded on the counter so far as against the average daily volumes of 1.79 lakh shares in the past one quarter. The stock had hit a high of Rs 109.40 and a low of Rs 108.20 so far during the day. The stock had hit a 52-week high of Rs 157 on 18 May 2017 and a 52-week low of Rs 101.95 on 11 August 2017.

The small-cap company has equity capital of Rs 25.38 crore. Face value per share is Rs 1.

Granules India announced that the United States Food and Drug Administration (USFDA) has approved the abbreviated new drug application (ANDA) filed by the company for Metformin Extended Release (ER) Tablets 500 mg and 750 mg. The approved ANDA is the bioequivalent to the reference listed drug product (RLD), Glucophage XR tablets of Bristol Myers Squibb. Granules India intends to commercialise this product shortly.

On a consolidated basis, Granules India's net profit fell 10.3% to Rs 35.02 crore on 16.3% growth in net sales to Rs 410.73 crore in Q3 December 2017 over Q3 December 2016.

Granules India is a vertically integrated pharmaceutical company, headquartered in Hyderabad, India.

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