Unichem Labs jumps on USFDA approval for hypertension drug

Unichem Laboratories surged 5.21% to Rs 160.75 after the company said it received US drug regulator's approval for Atenolol tablets.

Unichem Laboratories announced that it has received ANDA (abbreviated new drug application) approval for its Atenolol tablets (25/50/100 mg) from United States Food and Drug Administration (USFDA).

The drug is generic version of Tenormin tablets of Alvogen Malta Operations and is used for the treatment of hypertension, to lower blood pressure. The product will be commercialized from Unichem's Ghaziabad plant. The announcement was made after market hours on Friday, 22 November 2019.

On a consolidated basis, Unichem Laboratories reported net loss of Rs 22.21 crore in Q2 September 2019 as against net loss of Rs 41.03 crore in Q2 September 2018. Net sales rose 13.20% to Rs 295.61 crore in Q2 September 2019 over Q2 September 2018.

The stock hit a 52-week low of Rs 141.75 on 15 November 2019.

On the technical front, the stock's RSI (relative strength index) stood at 43.86. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading below its 50-day and 200-day moving average (DMA) placed at Rs 177.19 and Rs 196.04 respectively.

Unichem Laboratories is an international, integrated, specialty pharmaceutical company.

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