Lupin rose 0.77% to Rs 1,818 at 10:00 IST on BSE after the company announced that it has received final approval for its Potassium Chloride Extended Release Capsules USP, 8 mEq and 10 mEq from the United States Food and Drug Administration.
The company made the announcement after market hours yesterday, 23 December 2015.
Meanwhile, the BSE Sensex was down 8.05 points, or 0.03% to 25,842.25.
On BSE, so far 7,304 shares were traded in the counter, compared with an average volume of 1.09 lakh shares in the past one quarter.
The stock hit a high of Rs 1,822 and a low of Rs 1,813.50 so far during the day. The stock had hit a record high of Rs 2,127 on 6 October 2015. The stock had hit a 52-week low of Rs 1,364.60 on 7 January 2015.
The stock had underperformed the market over the past one month till 23 December 2015, falling 1.94% compared with 0.12% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 6.1% as against Sensex's 0.11% gains.
The large-cap company has an equity capital of Rs 90.08 crore. Face value per share is Rs 2.
Lupin announced that the company has received approval from United States Food and Drug Administration to market a generic version of Actavis Labs FL, Inc's Potassium Chloride Extended Release Capsules USP, 8 mEq and 10 mEq. Lupin's US subsidiary, Lupin Pharmaceuticals Inc. would commence promoting the product in the US shortly.
It is indicated for the treatment of patients with hypokalemia, with or without metabolic alkalosis, in digitalis intoxications and in patients with hypokalemic familial periodic paralysis. It is also indicated for the prevention of hypokalemia in patients who would be at a particular risk. Potassium Chloride Extended Release Capsules had annual sales of $85.6 million in the United States as per the IMS MAT September 2015 data.
Lupin's consolidated net profit dropped 35.1% to Rs 408.84 crore on 2% rise in net sales to Rs 3178.30 crore in Q2 September 2015 over Q2 September 2014.
Lupin is a pharmaceutical company producing and developing a wide range of branded and generic formulations as well as biotechnology products and APIs globally. The company is a significant player in the cardiovascular, diabetology, asthma, pediatric, CNS, GI, anti-Infective and NSAID space and holds global leadership positions in the Anti-TB and Cephalosporin segment.
Powered by Capital Market - Live News
