Shares of AstraZeneca Pharma India hit a 52-week high of Rs 1,979, up 6 per cent, on the BSE in intra-day trade on back of heavy volumes, surpassing its previous high of Rs 1,960 that it touched on August 27, 2018.
The MNC pharmaceutical company's stock has rallied 50 per cent from its recent low of Rs 1,315, touched on December 10, 2018. In comparison, the S&P BSE Sensex gained 2.5 per cent during the same period.
AstraZeneca Pharma had reported a net profit of Rs 29 crore in October-December quarter of financial year 2018-19 against a loss of Rs 10.35 crore in the same quarter a year ago. Operational revenue grew 67 per cent at Rs 215 crore as compared to Rs 129 crore in the previous year's quarter.
For the first nine months (April-December) of FY19, AstraZenca Pharma’s net profit nearly doubled to Rs 44.62 crore from Rs 22.69 during the same period in 2017-18.
“The company’s growth platforms consist of innovative drugs like Brilinta, Forxiga, Xigduo, Symbicort, Onglyza, Kombiglyze and the recently launched Tagrisso which together constitute 64 per cent of total sales. The launch of Tagrisso in the lung cancer segment has helped the company improve lung cancer patients' lives and cater to the unmet need in this category,” AstraZeneca Pharma said in the 2017-18 annual report.
AstraZeneca Pharma manufactures, distributes and markets pharmaceutical products and co-ordinates clinical trial services with an overseas group company.
In December 2018, AstraZeneca and Abbott entered into an agreement for the distribution of Dapagliflozin, an innovative Type 2 diabetes medicine, in India. Dapagliflozin is AstraZeneca's leading diabetes medicine.
At 01:47 pm on Wednesday, shares of the company were trading 4 per cent higher at Rs 1,936 on the BSE. In comparison, the benchmark S&P BSE Sensex was down 0.10 per cent at 35,939 levels. The trading volumes on the counter more-than-doubled with a combined 56,519 equity shares changing hands on the BSE and NSE so far.