Venus Remedies surges 4% after GMP Certification from Moldova govt

Shares of Venus Remedies climbed 4.4 per cent at Rs 324.25 a piece on the BSE in Tuesday’s intraday trade. Venus Remedies share price jumped after the company received Good Manufacturing Practice certification from the Ministry of Health of Moldova for its carbapenem facility.

 

The company in an exchange filing on Tuesday said that with this certification, it is well positioned to further expand its presence in the Eastern European market, ensuring access to reliable antibiotics for healthcare providers and patients across the region.

 

Venus Remedies reported a 64.69 per cent decline in net profit to Rs 3.51 crore for the quarter ended September 2024, compared to Rs 9.94 crore in the same quarter of the previous year. Sales showed a marginal decrease of 0.16 per cent, standing at Rs 167.45 crore, down from Rs 167.72 crore in the corresponding quarter of September 2023.

 

The company has a total market capitalization of Rs 427.08 crore. Its shares are trading at a price to earnings multiple of 12.41 times and at an earning per share of Rs 25.75. 

 

At 1:50 PM; the shares of the company were up 2.92 per cent at Rs 319.50 a piece. By comparison, the BSE Sensex was trading 0.09 per cent lower at 78,177.45 level. 

 

Venus Remedies Limited, established in 1989, is an Indian pharmaceutical company specializing in the research, development, and manufacturing of critical care drugs, including antibiotics and anti-cancer treatments. 

 

The company is one of the world's largest producers of critical care antibiotics and has secured over 130 patents. With facilities adhering to EU-GMP and WHO-GMP standards, Venus Remedies has a global presence in over 90 countries and ranks among the top 10 injectable manufacturers worldwide.