J B Chemicals trades almost flat after clarification on Rantac

J B Chemicals & Pharmaceuticals clarified that media reports suggesting a ban on Ranitidine molecule are false.

J B Chemicals and Pharmaceuticals (JBCPL) said that reports appearing in some sections of the media indicating that the company's product Rantac (Ranitidine molecule) has been banned, is false and incorrect.

"There has also been a lot of social media conversations that have misled the public, some section of the press, and even healthcare professionals. Ranitidine recently drew the attention of the healthcare industry, regulatory bodies and the media after excess levels of NDMA (N-Nitrosodimethylamine) were found in some of the Ranitidine products in USA. NDMA is an environmental impurity which is also found in drinking water, food, including meat, dairy products, and vegetables," the company said.

The company asserted that Rantac is not banned by the regulatory authorities. The firm continues to manufacture Rantac, which complies with all the standards set by the Drug Controller General of India.

Shares of J B Chemicals & Pharmaceuticals were trading 0.11% higher at Rs 425.75. In past one month, the stock has gained 9.53% as compared to a 0.59% decline in Nifty Pharma index.

On consolidated basis, the company reported an 82.4% jump in net profit to Rs 93.62 crore on a 4.8% rise in net sales to Rs 456.42 crore in Q2 September 2019 over Q2 September 2018.

J B Chemicals & Pharmaceuticals manufactures and markets a range of pharmaceutical formulations, herbal remedies and active pharmaceutical ingredient (APIs). The firm's business segments include domestic formulation business, exports and API business.

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