Laurus Labs gains after getting USFDA approval

Laurus Labs rose 1.62% to Rs 445.80 at 10:46 IST on BSE after the company received an approval from USFDA for Metformin Hydrochloride Tablets USP.

The announcement was made after market hours yesterday, 29 August 2018.

Meanwhile, the S&P BSE Sensex was down 50.78 points or 0.13% at 38,672.15

On the BSE, 14,000 shares were traded on the counter so far as against average daily volumes of 6407 shares in the past two weeks. The stock had hit a high of Rs 464.35 and a low of Rs 444 so far during the day. The stock had hit a 52-week high of Rs 579.25 on 22 December 2017 and a 52-week low of Rs 425 on 13 August 2018.

The mid-cap company has equity capital of Rs 106.03 crore. Face value per share is Rs 10.

Laurus Labs announced that the company has received an approval from United States Food and Drug Administration (US FDA) for Metformin Hydrochloride Tablets USP 500mg, 850mg and 1000mg which are used for treatment of diabetes. Metformin Hydrochloride Tablets USP 500mg, 850mg, and 1000mg are therapeutically equivalent to Glucophage Tablets 500mg, 850mg, and 1000 mg of Bristol-Myers Squibb Company. The product and API will be commercialized from company's unit 2 located at APSEZ, Atchutapuram, Visakhapatnam, Andhra Pradesh.

Laurus Labs' consolidated net profit fell 57.44% to Rs 16.56 crore on 12.67% rise in net sales to Rs 539.02 crore in Q1 June 2018 over Q1 June 2017.

Laurus Labs is a research and development driven pharmaceutical company in India.

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