Strides Shasun gains after USFDA approval for Abacavir tablets

Strides Shasun rose 0.96% to Rs 1,053 at 10:17 IST on BSE after the company said it received US drug regulator's approval for Abacavir tablets.

The announcement was made during trading hours today, 1 November 2016.

Meanwhile, the BSE Sensex was down 3.55 points, or 0.01%, to 27,926.66.

On BSE, so far 42,000 shares were traded in the counter, compared with average daily volume of 71,555 shares in the past one quarter. The stock hit a high of Rs 1,069 and a low of Rs 1,026.20 so far during the day. The stock hit a record high of Rs 1,412.45 on 23 November 2015. The stock hit a 52-week low of Rs 848 on 29 February 2016. The stock had outperformed the market over the past 30 days till 30 October 2016, rising 3.53% compared with 0.23% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 8.41% as against Sensex's 0.26% decline.

The mid-cap company has equity capital of Rs 89.37 crore. Face value per share is Rs 10.

Strides Shasun's consolidated net profit rose 106.90% to Rs 74.09 crore on 36.26% rise in net sales to Rs 922.17 crore in Q2 September 2016 over Q2 September 2015.

Strides Shasun is a vertically integrated global pharmaceutical company headquartered in Bangalore. The company has four business verticals, viz., regulated markets, emerging markets, institutional business and pharmaceutical services & active ingredients.

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