Lupin rose 0.8% at Rs 1,495.55 at 14:00 IST on BSE after the company announced that it has received final approval for its Cevimeline Hydrochloride Capsules, 30 mg from the US drug regulator.
The company made the announcement during trading hours today, 2 January 2017.Meanwhile, the S&P BSE Sensex was down 13.43 points or 0.05% at 26,613.03.
On the BSE, 22,206 shares were traded on the counter so far as against the average daily volumes of 87,963 shares in the past one quarter. The stock had hit a high of Rs 1,508.55 and a low of Rs 1,477.70 so far during the day. The stock had hit a 52-week high of Rs 1,911.55 on 9 February 2016 and a 52-week low of Rs 1,294.05 on 29 March 2016.
The stock had underperformed the market over the past one month till 30 December 2016, sliding 1.3% compared with 0.1% drop in the Sensex. The scrip had, however, outperformed the market in past one quarter, sliding 0.12% as against Sensex's 4.45% fall.
The large-cap company has equity capital of Rs 90.29 crore. Face value per share is Rs 2.
Lupin announced that it has received final approval for its Cevimeline Hydrochloride Capsules, 30 mg from the United States Food and Drug Administration (USFDA) to market a generic version of Daiichi Sankyo Inc's Evoxac Capsules, 30 mg. Lupin shall commence promoting the product shortly.
Lupin's Cevimeline Hydrochloride Capsules, 30 mg are the AB rated generic equivalent of Daiichi Sankyo Inc's Evoxac Capsules, 30 mg. Cevimeline Hydrochloride Capsules, 30 mg are indicated for the treatment of symptoms of dry mouth in patients with Sjrens Syndrome. Evoxac Capsules had annual US sales of $40.8 million as per IMS MAT September 2016 data.
Lupin's consolidated net profit rose 57.8% to Rs 662.19 crore on 31.9% rise in net sales to Rs 4211.18 crore in Q2 September 2016 over Q2 September 2015.
Lupin is an innovation led transnational pharmaceutical company developing and delivering a wide range of branded & generic formulations, biotechnology products and active pharmaceutical ingredients (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 position in the Anti-TB segment.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
