Morepen Laboratories hit an upper circuit of 10% at Rs 19.43, extending recent rally on strong buying momentum.
Shares of Morepen Laboratories soared 32.99% in the past four trading sessions to its current market price of Rs 19.43 from a recent closing low of Rs 14.61 on Monday, 20 April 2020.
The scrip hit an upper circuit for the fourth trading session. The stock rallied 169.48% from its 52-week low of Rs 7.21 hit on 23 March 2020.
On Monday, 20 April 2020, Morepen Laboratories announced that it received license to manufacture Hydroxychloroquine (HCQ) from State Drug Controller, (HP) for its Baddi plant in Himachal Pradesh. The company is working towards commercializing the production of HCQ in both API (active pharmaceutical ingredient) as well as tablets form. HCQ is a prescription based drug commonly being recommended to Covid-19 patients under treatment for the disease. India is taking a lead in supplying HCQ to the rest of the world including USA. India is the largest producer of HCQ and will continue to retain its leadership position in this time of crisis.
Further, Morepen Laboratories said it has launched a wide range of essential products being required to combat the growing menace of COVID-19 and to prevent further spread of this disease in the country. These include non-contact Infrared Thermometers, alcohol-based hand sanitizers, hand wash, hand rubs and face masks, all under its umbrella brand - Dr. Morepen, the company said in a filing to the exchanges made after market hours yesterday (20 April 2020).
On a consolidated basis, the company's net profit rose 21.3% to Rs 10.82 crore on an 8.4% increase in net sales to Rs 230.06 crore in Q3 December 2019 over Q3 December 2018.
Morepen Laboratories is a pharmaceutical company. It manufactures and sells active pharmaceutical ingredients (APIs), home diagnostics and finished formulations to 50-plus countries.
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