Shilpa Medicare gains after USFDA approval for Azacitidine injection

Shilpa Medicare rose 2.52% to Rs 616 at 11:58 IST on BSE after the company said it received US drug regulator's approval for Azacitidine injection ANDA of special economic zone formulations facility situated in Hyderabad.

The announcement was made during trading hours today, 4 October 2016.

Meanwhile, the BSE Sensex was up 10.29 points, or 0.04%, to 28,253.58.

On BSE, so far 24,000 shares were traded in the counter, compared with average daily volume of 10,167 shares in the past one quarter. The stock hit a high of Rs 621.55 and a low of Rs 596.75 so far during the day. The stock hit a record high of Rs 636 on 3 October 2016. The stock hit a 52-week low of Rs 355 on 20 January 2016. The stock had outperformed the market over the past 30 days till 3 October 2016, rising 11.91% compared with 1.01% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 5.62% as against Sensex's 3.96% rise.

The mid-cap company has equity capital of Rs 7.71 crore. Face value per share is Re 1.

Shilpa Medicare said it has received an approval from the United States Food & Drug Administration (USPDA) for Azacitidine - injection Abbreviated New Drug Application (ANDA) of special economic (SEZ) formulations facility situated at Jadcherla, near Hyderabad.

Shilpa Medicare's net profit rose 9.1% to Rs 24.13 crore on 7.4% rise in net sales to Rs 154.46 crore in Q1 June 2016 over Q1 June 2015.

Shilpa Medicare is engaged in the business of bulk drugs manufacturing.

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