Shasun Pharma scales record high

Shasun Pharmaceuticals rose 3.49% to Rs 420.55 at 14:00 IST on BSE, extending 2.11% gains in prior session triggered by the company receiving approval from the United States Food & Drug Administration for Carisoprodol Tablets 250 mg and 350 mg.

Meanwhile, the BSE Sensex was up 101.19 points, or 0.39%, to 25,858.55.

Huge volumes were witnessed on the counter. On BSE, so far 49,070 shares were traded in the counter, compared with an average volume of 14,263 shares in the past one quarter.

The stock hit a high of Rs 425.10, which is also the record high for the stock. The stock hit a low of Rs 407.80 so far during the day. The stock hit a 52-week low of Rs 209.80 on 17 November 2014.

The stock had outperformed the market over the past one month till 16 November 2015, gaining 3.27% compared with Sensex's 5.34% fall. The scrip had also outperformed the market in past one quarter, rising 3.07% as against Sensex's 8.22% drop.

The mid-cap company has an equity capital of Rs 13.45 crore. Face value per share is Rs 2.

Shasun Pharmaceuticals said Carisoprodol Tablets 250 mg and 350 mg has annual sales of approximately $38 million in the US. While, the 350 mg has few generic players, Shasun expects to be the first marketed generic player in the $16 million Carisoprodol Tablets 250 mg opportunity. Carisoprodol is a muscle relaxer. The company had made announcement during market hours yesterday, 16 November 2015.

The product will be manufactured at the company's Pondicherry facility and distributed in the US through a partner. The product is expected to be launched shortly.

On a consolidated basis, Shasun Pharmaceuticals' net profit rose 5136% to Rs 13.09 crore on 5.6% rise in net sales to Rs 323.32 crore in Q2 September 2015 over Q2 September 2014.

Shasun is an integrated, leading global supplier of development and manufacturing services for intermediates, API (active pharmaceutical ingredients) and formulations to the pharmaceutical industry.

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