Granules India inches up after USFDA nod for Ibuprofen tablets

Granules India was up 0.29% to Rs 120.60 at 12:32 IST on BSE after the company said that USFDA has approved abbreviated new drug applications for Ibuprofen Tablets USP, 200 mg filed by the company.

The announcement was made during market hours today, 13 October 2016.

Meanwhile, the S&P BSE Sensex was down 319.08 points or 1.14% at 27,763.26.

On BSE, so far 1.33 lakh shares were traded in the counter as against average daily volume of 1.40 lakh shares in the past one quarter. The stock hit a high of Rs 122 and a low of Rs 120.10 so far during the day. The stock had hit a record high of Rs 164.45 on 1 December 2015. The stock had hit a 52-week low of Rs 101.25 on 12 February 2016. The stock had underperformed the market over the past one month till 10 October 2016, sliding 4.45% compared with 2.48% fall in the Sensex. The scrip had also underperformed the market in past one quarter, declining 15.58% as against Sensex's 3.52% rise.

The small-cap company has equity capital of Rs 21.72 crore. Face value per share is Rs 1.

Granules India said that the United States Food and Drug Administration (USFDA) has approved abbreviated new drug applications (ANDA) for Ibuprofen Tablets USP, 200 mg (OTC) filed by the company. The approved ANDAs is the bioequivalent to the reference listed drug product (RLD), Motrin IB Tablets, 200 mg, of Johnson & Johnson Consumer, Inc.

On a consolidated basis, Granules India's net profit rose 36.5% to Rs 38.96 crore on 6.6% growth in net sales to Rs 343.50 crore in Q1 June 2016 over Q1 June 2015.

Granules India produces finished dosages, pharmaceutical formulation intermediates and active pharmaceutical ingredients for customers in the regulated and semi-regulated markets.

Powered by Capital Market - Live News