Vivimed Labs gains on securing product approvals

Vivimed Labs rose 1.79% to Rs 17.05 after the company said it received approvals for ophthalmic and oral liquid suspension products.

Vivimed Labs announced today that it received approvals for 2 ophthalmic products from its sterile ophthalmic facility and 2 oral liquid suspension products from its PICS & Health Canada approved site. Both facilities are situated at Hyderabad. The company is expecting 5 more approvals in ophthalmics and oral solids in Q4 calendar year 2020. The announcement was made post trading hours yesterday, 12 October 2020.

Vivimed Labs' consolidated net profit jumped 26.5% to Rs 12.84 crore on a 6.2% decline in net sales to Rs 322.79 crore in Q1 June 2020 over Q1 June 2019.

Vivimed Labs is a pharmaceutical and chemical products company. The company's segments include speciality chemicals and pharmaceuticals.

Currently, the stock is trading 27.81% below its 52-week high of Rs 23.62 hit on 25 August 2020. The scrip has galloped 162.30% from its 52-week low of Rs 6.50 hit on 23 March 2020.

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