Orchid Chemicals jumps on getting USFDA nod for anti-bacterial tablets

Orchid Chemicals & Pharmaceuticals rose 11.75% to Rs 55.15 at 9:35 IST on BSE after the company said it received approval from the US health regulator for generic anti-bacterial Gemifloxacin Mesylate tablets.

The announcement was made after market house yesterday, 17 June 2015.

Meanwhile, the BSE Sensex was up 218.39 points, or 0.81%, to 27,051.05.

On BSE, so far 5.94 lakh shares were traded in the counter, compared with an average volume of 1.44 lakh shares in the past one quarter.

The stock hit a high of Rs 57.40 and a low of Rs 52.55 so far during the day. The stock hit a 52-week high of Rs 85.35 on 15 July 2014. The stock hit a 52-week low of Rs 42.60 on 11 June 2015.

The stock had outperformed the market over the past one month till 17 June 2015, rising 4.11% compared with 1.80% fall in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 18.50% as against Sensex's 6.62% fall.

The small-cap company has an equity capital of Rs 85.26 crore. Face value per share is Rs 10.

Orchid Chemicals & Pharmaceuticals said it received approval from the US Food and Drug Administration (USFDA) for the Abbreviated New Drug Application (ANDA) for Gemifloxacin Mesylate Tablets (320 mg) with 180 days of generic drug exclusivity.

Orchid Chemicals & Pharmaceuticals reported net loss of Rs 148.05 crore in Q4 March 2015 as against net loss of Rs 80.79 crore in Q4 March 2014. Net sales declined 36.91% to Rs 282.94 crore in Q4 March 2015 over Q4 March 2014.

Orchid Chemicals & Pharmaceuticals is a vertically integrated company spanning the entire pharmaceutical value chain from discovery to delivery with established credentials in research, manufacturing and marketing.

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