Marksans Pharma surges after getting USFDA approval for Loratadine

Marksans Pharma surged 10.87% to Rs 53.05 at 13:36 IST on BSE after the company got USFDA approval for an ANDA for Loratadine liquid filled capsules 10 mg.

The announcement was made during market hours today, 26 September 2016.

Meanwhile, the S&P BSE Sensex was down 323.75 points, or 1.13%, to 28,344.47

On BSE, so far 42.35 lakh shares were traded in the counter, compared with an average daily volume of 6.88 lakh shares in the past one quarter. The stock hit a high of Rs 53.85 and low of Rs 47.45 so far during the day. The stock hit a 52-week high of Rs 113.80 on 28 December 2015. The stock hit a 52-week low of Rs 33.45 on 1 March 2016. The stock had outperformed the market over the past 30 days till 23 September 2016, rising 16.85% compared with 2.99% rise in the Sensex. The scrip outperformed the market in past one quarter, rising 10.51% as against Sensex's 8.60% rise.

The small-cap company has an equity capital of Rs 40.93 crore. Face value per share is Re 1.

Marksans Pharma said that US Food and Drug Administration (USFDA) has granted approval to the company for an Abbreviated New Drug Application (ANDA) for Loratadine liquid filled capsules 10 mg. Loratadine liquid filled capsules 10 mg is therapeutically equivalent to the reference listed drug Claritin Liqui-Gels Capsules 10 mg of Bayer Healthcare LLC. Loratadine is an antihistamine that reduces the effects of natural chemical histamine in the body. Loratadine is used to treat sneezing, runny nose, watery eyes, hives, skin rash, itching and other allergy symptoms.

Marksans Pharma's consolidated net profit fell 96.76% to Rs 1.02 crore on 11.14% fall in net sales to Rs 186.75 crore in Q1 June 2016 over Q1 June 2015.

Marksans Pharma is engaged in research, manufacturing and marketing of generic pharmaceutical formulation in the global market.

Powered by Capital Market - Live News