SMS Pharma jumps on getting USFDA approval for Andhra unit

SMS Pharmaceuticals rose 7.72% to Rs 132.50 at 9:57 IST on BSE after the company said it received approval from the US health regulator for its Andhra Pradesh based manufacturing facility.

The announcement was made after market hours on Thursday, 24 December 2015.

Meanwhile, the BSE Sensex was up 143.35 points, or 0.55%, to 25,982.06.

On BSE, so far 1.24 lakh shares were traded in the counter, compared with an average volume of 32,613 shares in the past one quarter.

The stock hit a high of Rs 137.50 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 130.25 so far during the day. The stock hit a 52-week low of Rs 38.60 on 7 January 2015.

The stock had outperformed the market over the past one month till 24 December 2015, rising 40.36% compared with 0.24% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 108.37% as against Sensex's 0.10% decline.

The small-cap company has an equity capital of Rs 8.47 crore. Face value per share is Re 1.

SMS Pharmaceuticals said that it has received approval from US Food & Drug Administration (USFDA) for the manufacturing facility (Unit-7) located at Kandivalasa Village in Andhra Pradesh against the inspection conducted in the third week of April 2015 by the USFDA authorities.

Net profit of SMS Pharmaceuticals rose 103.69% to Rs 10.49 crore on 12.41% rise in net sales to Rs 141.84 crore in Q2 September 2015 over Q2 September 2014.

SMS Pharmaceuticals is a global player in active pharmaceutical ingredient (API) manufacturing.

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