Vivimed Labs spurts after unit successfully completes USFDA inspection

Vivimed Labs jumped 10.45% to Rs 102 at 10:04 IST on BSE after the company said its FDF manufacturing facility in Alathur, near Chennai has a favourable outcome post its United States Food and Drug Administration inspection.

The announcement was made after market hours yesterday, 29 November 2016.

Meanwhile, the S&P BSE Sensex was up 78.36 points or 0.3% at 26,472.37.

On the BSE, 3.78 lakh shares were traded on the counter so far as against the average daily volumes of 2.89 lakh shares in the past one quarter. The stock had hit a high of Rs 107.40 and a low of Rs 102 so far during the day. The stock had hit a record high of Rs 121.15 on 4 October 2016. The stock had hit a 52-week low of Rs 68 on 9 August 2016. The stock had underperformed the market over the past one month till 29 November 2016, declining 13.97% compared with the Sensex's 5.54% fall. The scrip had, however, outperformed the market in past one quarter, advancing 24.63% as against the Sensex's 5.41% fall.

The large-cap company has equity capital of Rs 16.20 crore. Face value per share is Rs 2.

The audit was conducted during the last week of November and concluded on 28 November 2016. Furthermore, Vivimed obtained abbreviated new drug application (ANDA) approval for Metronidazole and same is commercialised. During November 2016, the company acquired ANDA of Zolpidem and the file transfer has successfully been completed. It is expected to be commercialised by Q4 March 2017.

Vivimed is on track of its filing targets and has successfully completed 3 ANDA filings during the current financial year and expect one more filing to be completed by Q4 March 2017. These products provide vertical integration with the in-house active pharmaceutical ingredients (APIs).

Santosh Varalwar, Managing Director of Vivimed Labs, said the company is on track with its filings pipeline which are expected to bear fruits when these products start to commercialise over the next 18-24 months.

On a consolidated basis, Vivimed Labs' net profit rose 12.4% to Rs 26.85 crore on 11.5% decline in net sales to Rs 298.36 crore in Q2 September 2016 over Q2 September 2015.

Vivimed Labs is a niche specialty chemicals and pharmaceuticals company.

Powered by Capital Market - Live News