ITC gains on buzz of developing COVID-19 nasal spray

ITC rose 1.27% to Rs 230.80 after the media reported that the company is developing a nasal spray for COVID-19 prevention for which it has initiated clinical trials.

According to the media reports, the nasal spray is developed by scientists at ITC Life Sciences and Technology Centre (LSTC), Bengaluru. The company plans to market the nasal spray under the Savlon brand once it gets all the requisite regulatory approvals, reports added.

ITC has reportedly received approvals from ethics committees and is registered with Clinical Trial Registry-India (CTRI) for clinical trials of the nasal spray which is designed to arrest the virus at the entry point in the nasal cavity itself.

The product has the potential to be effective and safe in preventing infection and transmission of COVID-19 along with the existing measures of hygiene recommended by health authorities, reports suggested.

ITC reported 13.7% rise in standalone net profit to Rs 3,697.18 crore on 11.66% increase in net sales to Rs 12,533.60 crore in Q2 FY22 over Q2 FY21.

ITC is engaged in the marketing of fast-moving consumer goods (FMGC). The firm operates through four segments: FMCG; hotels; paperboards, paper and packaging, and agri business. ITC is the market leader in cigarettes in India. The company also has presence in branded packaged foods, personal care, education and stationery, agarbattis & safety matches, lifestyle retailing, hotels, paperboards & specialty papers, packaging, agri-business & IT.

Powered by Capital Market - Live News