Strides Shasun gains after receiving EIR from USFDA

Strides Shasun rose 1.82% to Rs 925 at 11:17 IST on BSE after the company said its formulations facility in Bangalore received the establishment inspection report from the US drug regulator.

The announcement was made before trading hours today, 1 September 2017.

Meanwhile, the S&P BSE Sensex was up 122.35 points, or 0.39% to 31,852.84.

On the BSE, 49,000 shares were traded in the counter so far, compared with average daily volumes of 32,272 shares in the past one quarter. The stock had hit a high of Rs 948.50 and a low of Rs 917.45 so far during the day. The stock hit a 52-week high of Rs 1,259 on 3 February 2017. The stock hit a 52-week low of Rs 848.50 on 24 May 2017.

The stock had underperformed the market over the past one month till 31 August 2017, falling 13.19% compared with 2.30% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 4.88% as against Sensex's 1.46% rise. The scrip had also underperformed the market in past one year, falling 3.36% as against Sensex's 11.63% rise.

The mid-cap company has equity capital of Rs 89.49 crore. Face value per share is Rs 10.

Strides Shasun said its formulations facility in Bangalore, which was inspected by the US Food and Drug Administration (USFDA) in May 2017, has received the Establishment Inspection Report (EIR), thereby confirming the closure of the inspection.

The KRS Gardens facility in Bangalore manufactures tablets, capsules, liquids, sachets, creams and ointments. The facility supports important current and future products for the US markets.

In a separate announcement, Strides Shasun announced after market hours yesterday, 31 August 2017, that Arrow Pharmaceuticals, Australia, a subsidiary of Strides Pharma Global, Singapore has acquired the Australian operations of Amneal Pharmaceuticals.

Under the terms of the agreement, Arrow Pharmaceuticals will acquire 100% of the issued capital of Amneal Pharmaceutical, Australia. Arrow will incur an amount of 17 million Australian dollars towards consideration, working capital and other estimated acquisition and integration related costs.

On a consolidated basis, net profit of Strides Shasun declined 82.20% to Rs 5.78 crore on 6.62% rise in net sales to Rs 841.77 crore in Q1 June 2017 over Q1 June 2016.

Strides Shasun is a vertically integrated global pharmaceutical company headquartered in Bangalore.

Powered by Capital Market - Live News